DOHA - The Ministry of Economy and Commerce on Sunday approved International Islamic's plans to come out with a rights issue.
The issue hopes to raise the bank's paid-up capital by 15 per cent from QR406.25m to QR467m. To be launched later this year, the issue will be priced at QR100. Of this, QR90 will be the premium, while QR10, the face value of each rights share.
According to details posted on the website of the Doha Securities Market (DSM), preference for the rights offer will be given to the bank's shareholders registered in the DSM records by the end of trading on May 15, 2006.
The proposal for the rights issue was approved by the shareholders of the bank at their annual general meeting (AGM).
In a press statement, International Islamic (Qatar International Islamic Bank)'s general manager, Abdulbasit Al Sheibi, while lauding the economy ministry for approving its rights plans, said raising the bank's capital is significant in view of Qatar's booming economy in which local banks need to have a sound capital base, and for a bank's own business plans.
"Our bank needs more capital to upgrade the existing services and products as also finance operations locally as well as overseas," said Al Sheibi.
© The Peninsula 2006
