Doha bank to increase 50% share capital in 2 phases

Doha Bank will increase its current paid-up share capital by 50% in two phases, the Qatari bank\'s chairman announced, following the Board of Directors\' meeting held here. Doha Bank Chairman Sheikh Fahad bin Mohammad Bin Jabor Al Thani said, in the first phase the bank will increase by 25% its current paid-up share capital through a rights issue offered to shareholders registered with the Qatar Exchange (QE) as of close of business on February 19, 2013. The rights offer to each share of nominal value of QR 10 is at a premium of QR 20 for a total of QR 30. In the second phase Doha Bank will increase by 25% its current paid-up share capital by issuing new shares, in the form of Global Depositary Receipts, to be held by a depository bank. The shareholders shall waive their right of priority to subscribe these new shares, Doha Bank said, citing Article 19 of the Articles of Association of the bank as an exception to rule. The premium shall be set as per international market practice provided the premium will be higher than the rights issue premium as specified in the first phase in addition to a nominal value of QR 10 per share, the bank said. During the meeting, the Board of Directors also resolved to call the Ordinary and Extraordinary General Assembly of the Shareholders on February 20 next month. If the quorum is not met, a second meeting will be held on February 27, Sheikh Fahad said and added that the board has approved the agenda of EGM of shareholders. He also said the board\'s recommendation to increase the capital of the bank and the amendments to the bank\'s articles of association are subject to the approval of the regulatory authorities and the extraordinary general assembly of the shareholders.