QIC’s board directors at a meeting yesterday suggested a total 45% dividend to be approved by shareholders at the annual general assembly scheduled on February 17.
Qatar Insurance Company (QIC), which is a dominant player in the country’s risk cover industry, has reported a net profit of QR610mn in 2012 and is planning to tap the market to garner more than QR963mn through a rights issue.
Based on its performance, the company has suggested a total 45% dividend (25% cash bonus and 20% stock dividend) to be approved by shareholders at the annual general assembly scheduled on February 17.
This was announced after its board meeting yesterday.
After the stock bonus, the insurance company’s capital will go up to QR1.07bn.
The insurer is also increasing the capital by issuing 21.41mn new shares at QR45 (including a premium of QR35 a piece); implying that it is set to raise as much as QR963.45mn. The rights issue, whose date has not been disclosed, will come after bonus shares are issued.
After the rights issue, QIC capital will go up further to QR1.28bn.
The board also discussed amendment to Article (7) of the company’s Article of Association to allow the government, its organisations, institutions and associates to own more than 5% of the company shares.
The board of directors also agreed (in principle) to increase the authorised capital of the company through a special issue of shares to be allotted only to Qatar holding, a subsidiary of the Qatar Investment Authority as a strategic partner to QIC.
