Oversubscription of Doha Bank Right’s Issue by QR 2.8 Billion
H. E. Sheikh Fahad bin Mohammed bin Jabor Al-Thani- Chairman of Doha Bank stated that Doha Bank’s right issue is oversubscribed to QR. 2.8 billion. He added that the actual amount required for capital increase is QR. 1,550,233,500 for 51,674,450 shares at a price of QR. 30 per share, while the total subscription reached QR. 2,808,315,600 i.e. 1.8 times over and above the required amount which clearly reflects the shareholders’ confidence in the Bank and their positive ambitions for the bank’s future performance.
H.E. Sheikh Fahad also stated that Doha Bank will coordinate with Ministry of Business and Trade, Qatar Financial Markets Authority and Qatar Exchange to list the shares allotted to the shareholders who subscribed in the right’s issue and that the refund of excess amounts would be announced after taking all necessary approvals from the concerned regulatory authorities on both the subscription and the allotment processes.
His Excellency also mentioned that the capital increase through offering new shares was based on the resolution of the Extraordinary General Assembly held on 20th of February 2013 that approved in the first phase, an increase of 25% of the current paid-up share capital i.e. 206,697,802 shares through the issuance of 51,674,450 new shares to Doha Bank’s existing shareholders who are registered at Qatar Exchange at the close of business on 19th of February 2013 at a price of QR 30 per share representing a premium of QR 20 in addition to a nominal value of QR 10 per share.
According to His Excellency, the proposed capital increase will enhance the shareholders’ equity base and support the bank’s prospects for achieving its strategic goals at the local, regional and global levels. It will also strengthen the bank’s lending capacity and improve its competitive edge especially keeping in view the anticipated boom in various economic sectors in the State of Qatar in the coming years. The proposed capital increase would also enhance the Bank’s capability to achieve the targeted growth in the Balance Sheet and Income Statement and to attain the highest levels of performance in the coming years.