Doha Bank has obtained required approvals to list some 51,674,450 new shares on the Qatar Exchange, chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani said yesterday.
The new shares have been issued to Doha Bank’s existing shareholders registered on the QE at the close of business on February 19, 2013, between February 28 and March 13 at a price of QR30 a share, which includes a premium of QR20.
Sheikh Fahad said the issue was oversubscribed 1.8 times to the tune of 93,610,520 shares, which is equivalent to 45.3% of the bank’s total share capital.
He said “the allotment ratio reached 4.83% and the subscription of right shares reached to 49,546,536 shares out of 51,674,450 shares.”
He also said: “The shares available for allotment totalled 2,127,914 shares and the bank has automatically allotted 25% of the current owned shares based on shareholder ‘rights’ and allotted the unsubscribed right shares among the subscribers on a pro rata basis.”
Sheikh Fahad said the bank has already approached the QE to list the new shares and will refund the excess amounts to the respective shareholders who have oversubscribed their priority rights, as of April 9.
He asserted that the capital increase will not only strengthen Doha Bank’s lending capacity and improve its competitive edge, but will also help the bank to improve its performance and achieve its strategic goals at the local, regional and global levels in the coming years.