Qatari firm says capital boost will increase financial solvency and improve its credit rating
Qatar's Doha Insurance said on Monday it would offer new shares to shareholders from March 17 through March 31 as it aims to raise QR436.7 million ($119.9 million) and nearly double its capital.
Shareholders will be able to buy up to 24,260,000 new shares at a price of 18 riyals per share, a discount to the closing price of 24 riyals on Sunday.
Shareholders will be allowed to subscribe for nine new shares for every 10 they currently own.
Doha Insurance has said the capital boost would increase financial solvency and improve its credit rating, which would allow it to compete for large projects locally and internationally.For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.