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Wed 10 Feb 2010 12:42 PM

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Qatar bank CBQ approves 4.8% capital hike

Commercial Bank of Qatar to sell 10.3 million shares to subsidiary of Qatar Inv't Authority.

Qatar bank CBQ approves 4.8% capital hike
QATAR SWF: Qatar Holding is a subsidiary of the countrys sovereign wealth fund Qatar Investment Authority. (Getty Images)

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)

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