Qatar First Bank to Implement Capital Raise to QR 1.120 Billion

Qatar First Bank

Qatar First Bank (QFB) announced that it has received the regulatory go-ahead to proceed with its Rights Issue, as approved by the shareholders at the banks recent concluded Extraordinary General Meeting (EGM).

Held on Sept. 22, 2021, the EGM resolved to increase the banks capital from QR 700 million up to QR 1.120 billion, representing a 60% increase from the current nominal paid-up share capital, by way of offering 420 million new ordinary shares for subscription by means of a rights issue.

The banks shareholders, who are registered in the shareholders register with Qatar Central Securities Depository (QCSD), will be given the right to subscribe to the new shares at close of trading on Sunday, March 13, 2022. Any person holding Subscription Rights at the end of the trading period on Tuesday, March 29, 2022, either by receiving them in their capacity as an eligible shareholder or through buying them during the trading period (a "Holder of Subscription Rights") will be entitled to subscribe to the new shares. The new shares will be offered at a price of QR 1 nominal value plus QR 0.2 premium per share. The premium is inclusive of issuance costs not exceeding 1% of the value of subscribed shares.

Trading of the Subscription Rights will commence on Wednesday, March 16, 2022, and end on Tuesday, March 29, 2022. Thereafter, the subscription period for Holders of Subscription Rights will start on Wednesday, April 6, 2022, and will end at 1.00pm Doha local time on Tuesday, April 19, 2022. (QNA)