Ahli Bank announces $123m capital hike
Dubai, September 4, 2012
Ahli Bank, Qatar's seventh-largest listed lender by market value, plans to raise its capital by 20 per cent through a rights issue starting later this month, the bank said in a statement on Tuesday.
This will raise about QR448.5 million ($123.2 million), according to Reuters calculations, based on 14.95 million shares being sold in the offering at QR30 per share.
The capital increase is priced at a big discount to the current share price, with the stock ending at QR62.5 in Tuesday trade, up 4.5 per cent.
Existing shareholders can buy one new share for every five they hold, the statement said, with the offer open from September 30 to October 14 inclusive.
Ahli Bank is a unit of Bahrain-based Ahli United Bank , which owns 38.1 per cent of the lender.
Qatar Investment Authority, the gas exporter's sovereign wealth fund, is the second-largest shareholder with a 16.7 per cent stake. – Reuters
More Finance & Capital Market Stories
- Dubai inflation hits 4-year high in Nov
- New guidelines for Islamic banks, Takaful
- ADS to enter UK in 2014, starts pricing yuan
- Citadel cuts net loss as regional unrest eases
- Saudi inflation edges up to 3.1pc y/y in Nov
- Kuwait's Investment Dar reaches key debt agreement
- Banks on alert over ATM fraud
- Bahrain's economy bounces back on positive outlook
- Mena inbound M&A value triples to $3.9bn
- DFM opens educational trading floor at varsity