Ahli Bank, Qatar’s seventh largest listed lender by market value, plans to raise its capital by 20 percent through a rights issue starting later this month, the bank said in a statement on Tuesday.
This will raise about QR448.5 million ($123.2 million), according to Reuters calculations, based on 14.95 million shares being sold in the offering at QR30 per share. The capital increase is priced at a big discount to the current share price, with the stock ending at QR62.5 in Tuesday trade, up 4.5 percent.
Existing shareholders can buy one new share for every five they hold, the statement said, with the offer open from September 30 to October 14 inclusive. Ahli Bank is a unit of Bahrain based Ahli United Bank, which owns 38.1 percent of the lender.
Qatar Investment Authority, Qatar’s sovereign wealth fund, is the second-largest shareholder with a 16.7 percent stake.
Ahli bank is involved in banking and investment services through a network of 18 branches in Qatar providing a fullest array of products and services within major business segments like corporate banking, treasury and investments, retail and private banking & wealth management.
Being part of the Ahli United Bank group, which is present in eight countries- Bahrain, Qatar, Kuwait, Egypt, Oman, Iraq, Libya and United Kingdom (UK)-adds another unique advantage as it is able to serve its customers in those markets. The flow of cross border business activities in Qatar is increasing, and Ahli Bank along with its strategic partner Ahli United Bank can extend its banking services beyond its home markets.
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