Doha Bank's General Assembly of shareholders resolutions
- Qatar: Thursday, February 21 - 2013 at 11:46
- PRESS RELEASE
H.E. Sheikh Fahad Bin Mohammad bin Jabor Al-Thani, Chairman of Doha Bank, the leading private commercial bank in Qatar, announced that the Extraordinary General Assembly, in its meeting held on 20th of February 2013, has approved the proposed amendments on the Articles of Association that were on the Assembly's agenda.
a.First Phase: An increase of 25% of the current paid-up share capital through the issuance of 51,674,450 new shares to Doha Bank's existing shareholders who are registered at Qatar Exchange, at the close of business on 19th of February 2013, at a price of QR30 per share representing a premium of QR20 in addition to a nominal value of QR10 per share.
And granting the Board of Directors full authority to execute this phase and determine the time of issuance and the related terms and conditions.
b.Second phase: An increase of up to 25% of the current paid-up share capital through the issuance of new shares, in the form of Global Depositary Receipts, to be held by a strategic shareholder being the depository bank, and the Global Depositary Receipts to be listed on the London Stock Exchange.
Doha Bank's existing shareholders shall waive their pre-emptive right to subscribe in these new shares to allow the depository bank to directly subscribe for such shares (as an exception to Article 19 of the Articles of Association of the bank).
And granting the Board of Directors full authority to execute this second phase (according to the approval of the concerned regulatory authorities) including the date of issuance of these shares, the amount of share premium and the related terms and conditions, provided that the share price, inclusive of premium, shall not be less than 90% of the market price of the Company's ordinary shares as traded on the Qatar Exchange at the date of issue.
c.The total amount of the capital increase as described above in the two phases shall not exceed 50% of the current paid-up share capital.
H.E. the Chairman stated, "In the first phase the Bank will issue an additional 51,674,450 shares to its existing shareholders for subscription at the price of 30 Qatari Riyals per share. Subscription will be open from Thursday morning, the 28th of February, 2013 till 1:00 PM on Wednesday, the 13th of March 2013. As for the second phase of the capital increase through the issuance of Global Depositary Receipts to be offered to international investors residing outside Qatar, it will be executed after obtaining the approval of the concerned regulatory authorities."
His Excellency also stated, "The Ordinary General Assembly of Shareholders endorsed, in its meeting held on the same date, the Balance Sheet and the Profit & Loss Accounts for the financial year ended on 31st of December 2012. It also endorsed the recommendation of the Board of Directors to distribute cash dividends to shareholders of QR4.5 per share."
He also disclosed, "In the same meeting, Al Khaleej Takaful Group represented by Mr. Khalid Abdul Aziz Al Baker was elected by acclamation as a new member of the Board of Directors to replace the resigned member, the new membership shall expire at the end of the term of the current Board. In the same meeting, all current Board members were discharged from liability for the year 2012, and Ernst & Young were appointed as external auditors to Doha Bank for 2013."
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