Qatar Insurance Co’s rights issue concludes

12/05/2016 09:10 AST

Qatar Insurance Company (QIC) yesterday announced that its rights issue has been concluded, enhancing the company’s capital to QR2.4bn.

This rights issue was approved during the Extraordinary General Assembly meeting of the company which was held on February 21, 2016.

“It was conducted as per selling rights issue regulation issued by Qatar Financial Marker Authority (QFMA). The rights issue was open for subscription from April 10 to May, 1 2016 through QNB (Qatar National Bank) and the number of shares offered for public subscription in the rights issue was 40,616,716 ordinary shares, with a number of shares ordered (38.055.079)”, QIC said in a regulatory filing to Qatar Exchange (QE) yesterday.

Now the company’s new shares are 241,138,659. The company’s share capital after the rights issue is QR 2,411,386,590.

“We are currently working on getting QFMA’s approval to register the new shares through Qatar Central Securities Depository for the subscribed shareholders and trading the same through Qatar exchange at the earliest,” QIC said.


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