Qatar Insurance to Boost Capital Via 20% Rights Issue

Doha, February 22 (QNA) - Qatar Insurance Company aims to increase its capital from QR 1.846 Billion to QR 2.437 Billion through a 20% Rights Issue of one for five shares held by its shareholders. The Rights Issue is price is fixed at QR 50 per share that includes a premium of QR 40 and par value of QR 10, according to a Qatar Stock Exchange (QSE) notification on Monday. Shareholders registered with Qatar Central Securities Depository as on March 1, 2016 are eligible for the Rights Issue. Prior to the rights issue of 40,616,716 shares, the company will increase its capital from QR 1.846 Billon to QR 2.03 Billion through capitalization of part of its profit by distributing Bonus Shares of one for ten shares held by its shareholders. The company approved these decisions among others at its General Assembly meeting held here on February 21. Qatar Insurance has also announced the distribution of 25% cash dividend or QR 2.5 for each share held to its shareholders. The company has not announced dates for the Rights Issue. (QNA)