Doha Bank's Board will submit a recommendation to the Extra Ordinary General Assembly to raise the Bank’s capital by 20 percent to meet the bank’s strategic business development requirements.
This was announced by yesterday by Sheikh Fahad bin Mohamed bin Jabor Al Thani (pictured), Chairman of Doha Bank. The Board of Directors has resolved in its meeting yesterday to submit a recommendation to the EGM.
“The Board of Directors decided to submit a recommendation to the Extra Ordinary General Assembly of the shareholders that will be held in March 2017 to approve increasing the current paid-up share capital of the bank during the first half of 2017 by 20 percent through the issuance of 51,674,450 new shares to Doha Bank’s shareholders, and granting the Board of Directors of the Bank and those authorised by the Board full authority to execute this issuance and to determine the share’s price, premium, eligible shareholders for subscription, time of issuance and the related terms and conditions after obtaining the approval of Qatar Central Bank, the Ministry of Economy and Commerce and any other competent authorities,” said Sheikh Fahad.
The Board’s recommendation with regards to this Capital increase is subject to the approval of the regulatory authorities and the Extra Ordinary General Assembly of the Shareholders. He also said that 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 international levels. It will also strengthen the bank's lending ability and improve its competitive edge.
The proposed capital raise would also enable the bank to achieve the targeted growth of the balance sheet and income statement and attain highest levels of performance.
