Doha Bank’s Board of Directors Determines the Instruments for the Planned 50% Capital Increase

Posted on by raju
Press Release
14 Jan

Doha Bank’s Board of Directors Determines the Instruments for the Planned 50% Capital Increase

H.E. Sheikh Fahad Bin Mohammad Bin Jabor Al Thani, Chairman of Doha Bank, announced that the bank’s Board of Directors held a meeting on the 13th of January, 2013 to discuss the instruments of the proposed 50% capital increase pursuant to the Board’s resolution issued in its meeting held on the 18th of September 2012.

H.E. Sheikh Fahad stated that the Board has resolved the following in the same meeting to submit a recommendation to the Extraordinary General Assembly of the shareholders to approve the increase of the share capital of the bank by 50% in two phases:

Chairman

  • First Phase: An increase of 25% of the current paid-up share capital through the issuing of new shares to the bank’s existing shareholders who are registered at Qatar Exchange, at the close of business on 19th of February 2013, at a premium of QR 20 in addition to a nominal value of QR 10 per share.
  • Second phase: An increase of up to 25% of the current paid-up share capital through the issuing of new shares, in the form of Global Depositary Receipts, to be held by a depository bank. The shareholders shall waive their right of priority to subscribe in these new shares (as an exception to Article 19 (Bis) of the Articles of Association of the bank). The premium shall be set as per International market practice, as customary in similar cases, provided that the premium will be higher than the rights issue premium as specified in the First Phase in addition to a nominal value of QR 10 per share.

H.E. Sheikh Fahad also said that the Board has resolved during the same meeting to call the Ordinary and Extraordinary General Assembly of the Shareholders for a meeting on the 20th of February, 2013 and in the event the quorum is not met, a second meeting will be held on the 27th of February 2013, and that the board has approved the agenda of Extraordinary General Assembly of the Shareholders. H.E. also stated that the meeting’s agenda includes, in addition to the item on the capital increase, other items related to some amendments to the bank’s Articles of Association.

H.E. Sheikh Fahad Bin Mohammad Bin Jabor Al Thani affirmed that the highlighted board recommendation to increase the capital of the bank and the amendments to the bank’s Articles of Association are subject to the approval of the competent regulatory authorities and the Extraordinary General Assembly of the Shareholders, and that the agendas of the Ordinary and Extraordinary General Assembly Meetings will be published in full at a later date after being approved.