Qatar's Commercial Bank raises capital to $566mn

CAPITAL BOOST: Commercial Bank of Qatar said on Sunday it had completed a 13.2 percent capital increase to $566.2 million. (Getty Images)

Commercial Bank of Qatar, the country's second-largest lender by market value, said on Sunday it had completed a 13.2 percent capital increase to 2.06 billion riyals ($566.2 million).

The bank said in a statement on the Doha bourse website that it had issued 24 million new shares.

They included a rights issue to existing shareholders of 4.66 million shares at 136.5 riyals a share, the issuance of 92.17 million Global Depositary Receipts (GDRs) to international investors and a private placement to Qatari investors.

The new shares will begin trading on the Doha Securities Market on July 1. The GDRs will begin trading on the London Stock Exchange on July 2.

Commercial Bank of Qatar said on Friday it had priced its GDRs at $7.50 each. (Reuters)

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