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

Tags: Qatar | Dubai | Shares | Ahli Bank | Capital hike |