Doha Insurance plans rights issue

Doha Insurance plans rights issue

Published: January 6, 2014

Qatari company will put QAR242mn deal to shareholders next month.

Doha Insurance Company is close to finalising a QAR242.6mn (US$66mn) rights issue.

The deal will see the company sell 24,260,000 new shares and increase its capital to QAR500mn.

An extraordinary general assembly to put the deal to shareholders will be held on February 17, according to a statement filed by the company with the Qatar Exchange.

Established in 1999 and listed since 2001, Doha Insurance Company began with 533 founding members and paid-up capital of QAR127mn. That capital was increased to QAR180mn through a rights issue in 2008, then to QAR234mn through another deal in 2012.