Qatar's Ministry of Economy and Commerce Issues Circular on Capital Increases for Private Companies

Doha, January 24 (QNA) - The Ministry of Economy and Commerce issued today a circular regarding the evaluation of the stakes of equity holders in private companies. The Ministry said in a statement released to the press today that the evaluation process were adjusted to suit the provisions of article no. 158 of law no. 11 of 2015 regarding commercial companies. The circular applies to company's that are regulated by the ministry. The evaluation takes place during mergers, increase of capital, takeovers or when going public. The Ministry has prepared a list of the residents accredited by it as well as other authorities that has the expertise in the process. A resident applying for the evaluation process must have no interests with any analysts working at the evaluating institution and must inform the ministry if there was such a relationship. He must also have no ties with any board members of the evaluating companies that is more recent than three years. The statement also said that the resident must document all the procedures that he or his employees made during the evaluation process, until the report is released. He must keep those documents for at least five years. Within three days, the ministry must also receive a copy of the agreement between the resident and the company that requested the evaluation. He and his employees must also preserve the secrecy of all the information, according to the new circular. (QNA)