Qatar Shipping, a subsidiary of Milaha (formerly Qatar Navigation), is acquiring another 5.9% stake in Nakilat, to effectively raise its total holding to 36.3%.
In this regard, the Milaha subsidiary has entered into an agreement with the Qatar Investment Authority for acquiring the latter's entire 5.9% stake in Nakilat.
The sale and purchase agreement was conditional on obtaining the consent of the Qatar Financial Markets Authority and the Qatar Central Securities Depositary Company.
"The increase of Milaha’s stake in Nakilat stems from Nakilat’s success and Milaha's belief in the vital field of gas transportation," Milaha president and chief executive Abdulrahman Essa al-Mannai said.
Prior to its signing the agreement with the country's sovereign wealth fund, Milaha was holding, directly and indirectly, a 30.3% stake in the share capital of Nakilat, which is a leading gas transporting company and is the world's largest liquefied natural gas transporting company.
Milaha’s current activities include marine transportation in gas, petroleum products, containers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management.
The sale and purchase agreement was conditional on obtaining the consent of the Qatar Financial Markets Authority and the Qatar Central Securities Depositary Company.
"The increase of Milaha’s stake in Nakilat stems from Nakilat’s success and Milaha's belief in the vital field of gas transportation," Milaha president and chief executive Abdulrahman Essa al-Mannai said.
Prior to its signing the agreement with the country's sovereign wealth fund, Milaha was holding, directly and indirectly, a 30.3% stake in the share capital of Nakilat, which is a leading gas transporting company and is the world's largest liquefied natural gas transporting company.
Milaha’s current activities include marine transportation in gas, petroleum products, containers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management.