QGI Pays 20% Stake as Algerian Entity Raises Capital

Doha, March 16 (QNA) - Qatar General Insurance and Reinsurance Company (QGIRCO) has paid up 20% of its stake value in Trust Investment Holding Algeria following the increase in its capital by the Algerian entity. QGIRCO has made a payment of QR 29 Million (Algerian Dinars 855 Million), the Qatarian general insurance company said. The QGIRCO Group Chief Financial Officer Mohammad Al Lahham told Qatar News Agency Wednesday, "QGIRCO owns 20% of the capital of Trust Investment Holding Algeria which recently decided to increase its capital. QGIRCO therefore accepted to pay its share of the increase in capital by the amount that will maintain their share in Trust Investment Holding Algeria at 20%." The Algerian company was set up in 1998 under the name of 'Trust Investment Algeria', a shareholding company, and was later renamed to Trust Holding Investment Algeria Company. Trust Holding Investment Algeria supervises and manages the following subsidiaries:- Trust Bank Algeria; Trust Real Estate, a real estate developer of residential and hospitality projects including the Bab Ezzouar Project; and Trust Industries manufactures bricks and tiles. (QNA)