Qatar First Bank extraordinary general assembly yesterday approved increasing QFB’s paid-up nominal share capital to QR1.12bn from QR700mn, representing a growth of 60%.
The extraordinary general assembly meeting was held via Zoom, and was chaired by QFB’s chairman Sheikh Faisal bin Thani al-Thani with the attendance of bank’s board members, shareholders, and senior management team.
The increase in QFB’s paid-up nominal share capital was achieved by way of a rights issue and related actions necessary to execute the share capital increase.
The bank’s chairman was authorised by the extraordinary general assembly meeting to execute the increase in the paid-up share capital.
In order to execute the increase in the paid-up share capital, the extraordinary general assembly meeting also discussed and approved the amendment (of Article No. 2) of the bank’s articles of association, to reflect the impact of the share capital increase on the bank’s total issued share capital.
Addressing the extraordinary general meeting, Sheikh Faisal said, “With the support of the members of the board and the shareholders, QFB’s efforts to increase its nominal share capital will lead to improved performance, long-term growth, and financial stability. This increase will enhance the shareholders’ equity base and support QFB’s expectations for achieving its strategic goals”
“With the blessing of God, then the continuous trust and confidence of our shareholders, we have witnessed remarkable growth in the past two years by increasing shareholders’ return. QFB has recorded three consecutive profitable quarters with strong growth momentum,” Sheikh Faisal concluded.
The increase in the bank’s nominal share capital will help the bank further strengthen its equity, balance sheet, and liquidity position, in addition to exploring investment opportunities. Furthermore, the increase will enable the bank to achieve long-term growth and improved levels of performance.
The capital increase will also create a positive impact on the bank by increasing the capital adequacy ratio and enhancing the bank’s ability to grow its investments in different areas.
The bank will liaise with its regulators to complete the public offering process in time and will ensure that its shareholders are kept updated on the process through regular communication.
QFB is the first independent Shariah-compliant bank authorised by the QFC Regulatory Authority (QFCRA), and a listed entity on the Qatar Stock Exchange.