Commercial Bank of Qatar to sell 10.3 million shares to subsidiary of Qatar Inv't Authority.
The Commercial Bank of Qatar approved a 4.8 percent increase in its share capital to QR2.3bn ($632.2m) from QR2.2bn and said it would pay a 60 percent cash dividend, sending its shares lower.
After the capital hike, Qatar Holding, a subsidiary of the country's sovereign wealth fund Qatar Investment Authority, would hold 10.3 million shares of the bank, it said in a statement on the Qatar bourse website on Wednesday.
The company said shareholders would receive 6 riyals a nominal share -- a recommendation made during the company's third quarter earnings report last month. (Reuters)