|
contents | business | |||||||||
| Qatar Holding to become major shareholder of Hochtief Hochtief Aktiengesellschaft increases the capital stock of Qatar Holding LLC (Doha) by around ten percent under exclusion of subscription rights of existing shareholders. After acquiring all new shares, Qatar Holding will - as soon as the capital increase is registered with the commercial register - hold almost 9.1 percent of the new capital stock. The Ad-hoc Committee of the Hochtief Supervisory Board has approved the capital increase. Qatar Holding LLC is the strategic and direct investment arm of Qatar Investment Authority. The capital increase will be carried out by partly making use of the authorized capital created at the Hochtief General Shareholders' Meeting on May 11, 2010, by issuing 6,999,999 no-par-value shares against cash contributions. According to the resolution of the General Shareholders' Meeting, subscription rights of existing shareholders are excluded. The issue price is EUR 57.114 per share, resulting in an equity contribution of almost EUR 400 million to Hochtief . The investment also offers both partners extensive strategic perspectives: Qatar is facing a fast technological, infrastructural and economic development. Hochtief supports Qatar by transferring the most recent international know-how to the country, and by coaching local staff in state-of-the-art technology, like virtual construction or Building Information Modeling (BIM). Thus, the Group is already present in the country via five subsidiaries and employs more than 5,000 people locally. These are working on large-scale projects such as Barwa Commercial Avenue, a more than 8-kilometer-long commercial and shopping avenue in the capital Doha for around EUR 1.3 billion. Since 2008, Hochtief as partner in a joint venture has also been planning the Qatar Bahrain Causeway, the longest inter-state connection in the world. Moreover, in April 2010, Hochtief founded a joint venture with Lusail Real Estate Development Company, a subsidiary of Qatari Diar. The current major project of the company is the development of a completely new city in Qatar by 2020, the city of Lusail which is designed for 200,000 inhabitants, and which will host the World Cup Final in 2022. The joint venture is also planning to export design and construction work to other countries. write your comments about the article :: © 2010 Construction News :: home page |