Shareholders of Qatar Insurance have approved plans for a rights issue worth QAR963.2m (US$264.6m) and to sell a 20-percent stake to sovereign wealth fund Qatar Holding, the insurer said on Monday.
The company will sell 21.4m new shares to existing shareholders priced at QAR45 each, a bourse filing said.
Like most rights issues in the Gulf Arab state, the proposed price is a significant discount to the market price. Qatar Insurance shares closed on Sunday at QAR71.6.
The planned capital increase, which still needs regulatory approval, is open to those holding shares on February 14 and will happen once a bonus share issue has been completed.
Read more: http://www.arabianbusiness.com/qatar-insurance-shareholders-back-rights-issue-490027.html
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