Qatar Royal family firm picks up ten pc stake in KICL
Summary
Kochi, Dec 13 (UNI) A Qatar company belonging to the Royal family will pick up close to 10 per cent stake in the Kothari Industrial Corporation Ltd (KICL).FJ Global and Investment, which is owned by Mr Falah Jassim J.M.AL-Thani, will pick 7,056,000 shares in Chennai-based KICL.The board of KICL has already approved the allotment of these shares to FJ Global Investment.Former minister of the Qatar Government Falah Jassim J.M.AL-Thani is a promoter-director of Doha Bank and was also a founder of Qatar Airways.The board has approved the allotment of these shares at Rs 25 per share of the face value of Rs 5 each.Significantly enough, Rafiq Ahmed, the present promoter of KICL, too, will invest more into KICL so as to maintain his holding in KICL at 47 per cent.Simultaneously, the board of the company has also cleared a proposal to set up a joint venture company in Qatar. The remaining will be held by Falah Jassim J.M.AL-Thani.The idea of a joint venture in Qatar is to scout for growth opportunities and promote business globally. Further details of the proposed joint venture are still being worked out.Following the decision of the board to issue preferential shares to FJ Global Investment and Rafiq Ahmed, the board has also cleared a proposal to increase the authorized capital of the company to Rs 75 crore from the current Rs 25 crore.The board has sought the shareholders approval for increasing the authorized capital. The board of KICL has said that it will initiate the process of getting all regulatory and shareholders approval for the same.Phoenix Kothari is setting up a non leather footwear park in the backward district of Perambalur in Tamil Nadu. The first plant at the Perambalur footwear park was up and running within the promised one year.The investment by a company belonging to Qatar royal family is a big boost for KICL which is now spreading its presence in the non-leather footwear field and has gotten into drones and the like.Even as a company belonging to the Qatar royal family has invested in the company, KICL is gearing up to launch its first Kickers store in Chennai.Three months ago, Ahmed had promised to bring the globally -acclaimed Kickers brand to India.Under the strategic partnership with Royer group of France, KICL has signed a 30- year licensing and distribution pact for sales and marketing of popular Kickers brand of footwears in India.The pact provides for KICL to take Kickers to nations such as Sri Lanka,Maldives, Bhutan, Nepal, Qatar, UAE, Saudi Arabia.UNI DS KK