Qatar- Medicare to set up new company

03 Jun 2010

(MENAFN) Qatar-based Medicare Group said that its General Assembly has approved its Board of Directors’ recommendation to set up a new company to manage hospitals and medical compound and polyclinics, The Peninsula reported.

The proposed company will be a totally independent legal establishment, a private shareholding company, distinct from Medicare. It will have a total pre-paid capital of $1.37 million, according to a statement.

Medicare will have 19 percent share capital while the balance of 81 percent will be distributed over pre-paid shares on pro-rata basis to the number of shares owned by Medicare shareholders registered with Qatar Exchange at the close of trading on the day preceding the date set for the first extraordinary meeting.

The company can now submit its papers for obtaining approval and endorsement of the Ministry of Business and Trade.

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