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Wed 13 Feb 2008 11:40 AM

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Qatar bank bulks up reserve funds

Commercial Bank of Qatar agrees with Ministry of Economy and Commerce to raise capital by 20%

Commercial Bank of Qatar said on Wednesday it had agreed with the Ministry of Economy and Commerce to increase its capital by 20% in a two-phase rights issue through 2009.

The lender plans to raise its capital by 10% with a share price of 70 riyals in June 2008 and increase the capital by another 10% in May 2009, it said in a statement on the bourse website. The share price in the second capital hike is to be determined according to market conditions.

Commercial Bank had proposed in its meeting on January 20 to raise its capital in a rights issue at 100 riyals per share, with priority given to shareholders, the statement said.

The bank proposed increasing its capital in two phases by 10% each time, taking place in the second quarter and the fourth quarter of 2008 respectively, it added. (Reuters)

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