QIIB shareholders approve foreign ownership limit increase up to 49%
March 24 2019 08:21 PM
Al-Kaabi (left) and QIIB deputy CEO Jamal al-Jamal at the bank's extraordinary general assembly here
Al-Kaabi (left) and QIIB deputy CEO Jamal al-Jamal at the bank's extraordinary general assembly here on Sunday

Doha

At their extraordinary general assembly held on Sunday QIIB shareholders have approved the bank’s board of directors’ recommendation to allow the ownership of foreign investors to a maximum 49% of the bank’s capital instead of the previous 25%

QIIB shareholders have approved the bank’s board of directors’ recommendation to allow the ownership of foreign investors to a maximum 49% of the bank’s capital instead of the previous 25%.

The shareholder nod was given at their extraordinary general assembly presided over by QIIB vice-chairman Rashid Nasser al-Kaabi here on Sunday.

They also approved the board of directors’ recommendation amend Article of Association (no. 5), to subdivide the share value in accordance with the decision of the Qatar Financial Market Authority, to become QR1 instead of QR10.

Accordingly, Article (5) will be amended to read as follows:

The company's share capital is QR 1,513,687,490 subdivided into 1,513,687,490 shares with a nominal value of QR1 each.

QIIB vice-chairman Rashid Nasser al-Kaabi presided over the extraordinary general assembly.

QIIB had achieved a net profit of QR882.1mn in 2018, a growth of 6.0% compared to 2017, with earnings per share standing at QR5.46 in 2018.

At the end of 2018, the bank’s total assets amounted to QR50.3bn compared to QR46.6bn in end-2017, a growth rate of 7.9%.

QIIB’s $500mn sukuk was recently listed on the London Stock Exchange, the first Qatari sukuk to be listed on the LSE.

The offering was oversubscribed by investors, mostly from outside the Middle East, with a total of $3.3bn. The issue was priced at a spread of 175 basis points over the 5-year mid swaps carrying a fixed coupon of 4.264% per year.

The participation included investors from around the world with 30% from the MEMA and 70% to other investors from Europe, Asia, Australia and other countries.



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