Qatar Navigation and Qatar Shipping to merge by this fiscal year

Qatar Navigation yesterday said it will appoint a financial adviser within the next four weeks to guide on the proposed merger of Qatar Shipping with it.?The company is expecting to complete the merger by this fiscal, CEO Khalifa bin Ali al-Hitmi said on the sidelines of annual general assembly meeting, which elected a new eight-member board.?The company’s new chairman is Sheikh Ali bin Jassim al-Thani and deputy chairman is Sheikh Jassim bin Hamad Jassim Jabor al-Thani. ?Other members are Adil Ali bin Ali; Hitmi Ali bin Ali al-Hitmi; Sulaiman Haidar Sulaiman; Ali Ahmad al-Kuwari; Mazen Jaidah and Hamad bin Mohamad al-Mana.?Once the consultant submits the report, the board will discuss it and forward it for the approval of the shareholders through an extra-ordinary general assembly meeting, according to company officials.?“We are hoping to finish it (the merger) by this fiscal,” al-Hitmi said.?A joint statement issued by the two companies to the Doha Securities Market in November last year said the move would “inspire growth in investment and increase overall profitability for the benefit of the national economy and its investing public.” The general assembly, which met for the second time yesterday, also approved a 40% cash dividend and 20% bonus shares.