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Doha Bank to launch QR1.55bn rights issue
- Qatar: Saturday, February 23 - 2013 at 02:14
Qatar's Doha Bank has announced plans to launch the first phase of a two-part capital increase, a QR1.55bn ($425.7m) rights issue to local investors on February 28, Reuters has reported. The issue, which is equivalent to 50% of its total shares, will be split equally between a local offering and global depositary receipts (GDRs) in London. Capital levels at Qatar's fifth-largest bank by market value are lower than its Qatari peers, and proceeds from the issue are expected to be used mainly to plug that shortfall.
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