Doha Bank determines instruments for planned 50% capital increase
- Qatar: Tuesday, January 15 - 2013 at 14:25
- PRESS RELEASE
Doha Bank, a private commercial bank in Qatar and the GCC, held a meeting on January 13, 2013 to determine the instruments for a planned 50% capital increase in the market.
H.E. Sheikh Fahad has stated that the Board has resolved the following in the same meeting to submit a recommendation to the Extraordinary General Assembly of the shareholders to approve the increase of the share capital of the bank by 50 per cent in two phases:
- First Phase: An increase of 25% of the current paid-up share capital through the issuing of new shares to the bank's existing shareholders who are registered at Qatar Exchange, at the close of business on 19th of February 2013, at a premium of QR20 in addition to a nominal value of QR10 per share.
- Second phase: An increase of up to 25% of the current paid-up share capital through the issuing of new shares, in the form of Global Depositary Receipts, to be held by a depository bank. The shareholders shall waive their right of priority to subscribe in these new shares (as an exception to Article 19 (Bis) of the Articles of Association of the bank). The premium shall be set as per International market practice, as customary in similar cases, provided that the premium will be higher than the rights issue premium as specified in the First Phase in addition to a nominal value of QR10 per share.
Commenting on the capital increase, H.E. Sheikh Fahad said, "The Board has resolved during the same meeting to call the Ordinary and Extraordinary General Assembly of the Shareholders for a meeting on February 20, 2013 and in the event the quorum is not met, a second meeting will be held on February 27, 2013. The board has approved the agenda of Extraordinary General Assembly of the Shareholders."
H.E. Sheikh Fahad also stated that the meeting's agenda includes, in addition to the item on the capital increase, other items related to some amendments to the bank's Articles of Association.
H.E. Sheikh Fahad Bin Mohammad Bin Jabor Al Thani affirmed that the highlighted board recommendation to increase the capital of the Bank and the amendments to the Bank's Articles of Association are subject to the approval of the competent regulatory authorities and the Extraordinary General Assembly of the Shareholders, and that the agendas of the Ordinary and Extraordinary General Assembly Meetings will be published in full at a later date after being approved.
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