Qatar First Bank to implement a capital raise of up to 420 million ordinary shares through its Rights Issue – The Peninsula

Qatar First Bank to implement a capital raise of up to 420 million ordinary shares through its Rights Issue – The Peninsula

Doha, Qatar: Qatar First Bank (QFB), announced that it has received the regulatory go-ahead to proceed with its ‘Rights Issue,’ as approved by the shareholders at the bank’s recent concluded Extraordinary General Meeting (EGM). Held on 22 September 2021, the EGM resolved to increase the bank’s capital from QAR 700 million up to QAR 1.120 billion, representing a 60% increase from the current nominal paid-up share capital, by way of offering 420 million new ordinary shares for subscription by means of a rights issue.

The bank’s shareholders, who are registered in the shareholders’ register with Qatar Central Securities Depository (QCSD), will be given the right to subscribe to the new shares at close of trading on Sunday, March 13, 2022. Any person holding Subscription Rights at the end of the trading period on Tuesday, March 29, 2022, either by receiving them in their capacity as an eligible shareholder or through buying them during the trading period (a “Holder of Subscription Rights”) will be entitled to subscribe to the new shares. The new shares will be offered at a price of QAR 1 nominal value plus QAR 0.2 premium per share. The premium is inclusive of issuance costs not exceeding 1% of