Qatar Insurance gets approval for shares sale
Doha, October 31, 2012
The board of Qatar Insurance has approved the sale of shares worth QR488.6 million ($134.2 million) to fund Qatar Holding, the insurer said in a bourse filing.
The fund purchased 7.76 million shares at QR63 each, raising its capital to QR969.4 million. The capital hike still requires the approval of the Ministry of Business and other regulatory authorities, as well as existing shareholders, the statement said.
Qatar Holding's presence as a strategic partner would strengthen the financial position of the company and help it to compete against major insurance companies at a regional and international level, the statement added.
The insurer said in August that it was in talks with Qatar Holding about it increasing its stake through the issue of new shares.-Reuters