Wednesday, Aug 08, 2012
(This story was originally published Tuesday.)
DOHA (Zawya Dow Jones)--Qatar Holding is to sign a preliminary agreement with Qatar Insurance Co. to increase its stake in the insurer.
The insurance firm received an offer from the unit of the Gulf state's sovereign wealth fund for a capital increase involving the issue of new shares, Qatar Insurance said in a statement posted on the Doha bourse website Tuesday.
The insurer's board welcomed the move and agreed to sign a memorandum of understanding, or MoU, which includes determining the number and price of shares to be issued as well as seeking regulatory approval, the statement added.
Qatar's government owns a 12% stake in the Doha-based insurer, according to Zawya.com data.
Shares of Qatar Insurance were trading up 2.7% at QAR71.90 Tuesday.
-By Alex Delmar-Morgan, Dow Jones Newswires; +974 6659 9818; alex.delmar-morgan@dowjones.com; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
08-08-12 0404GMT
