Doha, Qatar Commercial Bank, Qatar’s first private bank, has announced it will implement Qatar Financial Markets Authority’s (QFMA’s) stock split directive on 9th of June, therefore being the first company in Qatar to implement the directive.
QFMA’s directive issued in December 2018 seeks to regulate the stock split of companies listed at Qatar Stock Exchange (QSE). The directive stipulates that the nominal value of a share shall be reduced from QAR 10 to QAR 1, an initiative that aims to appeal more to investors, especially small and retail investors; increase liquidity in the market; and ultimately improve a stock’s price and valuation.
Commercial Bank shareholders do not need to take any action due to the share split. Shareholders’ holdings will be automatically adjusted as of June 9, resulting in a multiplication of the number of shares owned by each and every shareholder by 10. The proportionate ownership of existing shareholders and Commercial Bank’s market capitalization will not change as a result of the share split.
Commercial Bank’s total number of shares will increase from 404,725,375 to 4,047,253,750, at a nominal value of QAR 1. Commercial Bank’s paid-up capital will remain unchanged at QAR 4,047,253,750, divided into 4,047,253,750 ordinary shares with the nominal value of each share being QAR 1.
For more information please contact:
Abeer Al Kalla
Head of Corporate Communications
Tel: +974 5584 7838
About Commercial Bank
Commercial Bank is Qatar’s first private bank has a solid franchise, with over 44 years of innovation and customer service. Its countrywide network includes 29 full-service branches and 174 ATMs.
Commercial Bank is committed to helping support the development of Qatar’s economy and future sustainability in line with the goals of the economic pillar of the Qatar National Vision 2030. The Bank’s vision is to be ‘The Best Bank in Qatar’ based on the foundation of its values or 5 C’S. Corporate Earnings Quality, Client Experience, Creativity and Innovation, Culture, and Compliance
Commercial Bank has total assets of QAR 143.8 billion, customer deposits of QAR 81.6 billion and has achieved net profit of QAR 431 million as at 31 March 2019. As a full service commercial bank, the Bank offers a full range of corporate, retail and investment banking services as well as owning and operating the exclusive Diners Club franchise in Qatar.
Commercial Bank enjoys strong credit ratings of (A3) from Moody’s, (A) from Fitch, and (BBB+) from Standard & Poor’s. The Bank is listed on the Qatar Exchange and was the first Qatari bank to list its Global Depository Receipts (GDRs) on the London Stock Exchange.
In 2018, Commercial Bank won, ‘The Best Bank in Qatar 2018’ from Global Finance, ‘Best Cash Management Bank in Qatar 2018’ for the third year in a row, and the ‘Best Transaction Service in Qatar 2019’ from the Asian Banker. Additionally the Bank has recently won ‘The Best Remittance Product and Service in Asia, the Middle East and Africa’ for 2019, and ‘Best Retail Bank in Qatar 2019’ for the third year in a row from the Asian Banker.
© Press Release 2019