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Doha Bank's right issue oversubscribed by QR. 5.5 billion
H. E. Sheikh Fahad bin Mohammed bin Jabor Al-Thani- Chairman of Doha Bank stated that Doha Bank's right issue is oversubscribed by QR. 5.5 billion. He added that the actual amount required for capital increase is QR. 1,123,357,600 for 22,467,152 shares at QR. 50/- each, while the total subscription reached QR. 5,545,971,700 i.e. 4.9 times over and above the required amount, which clearly reflects the shareholders' confidence in the Bank and their positive ambitions for the bank's future performance. Based on this the allotment ratio reached 3.6% for shareholders who have subscribed by more than the fixed percentage (15%).
H. E. Sheikh Fahad has further added that the Bank will coordinate with DSM in order to credit the allotted shares to the shareholders who subscribed in the right issue and the surplus amounts refund would start from Sunday morning 25/05/2008. His Excellency has also said that the capital increase through offering new shares was based on the resolution of the Extra-ordinary General assembly held on 23/03/2008 which has approved capital increase by offering new shares @ 15% of the Bank's capital shares (149,781,018 shares) at QR. 50/- per share.
Concluding his statement, H. E. Sheikh Fahad said that the above capital increase would strengthen the shareholders' equity base and the ability of the bank to move forward to achieve its strategic objectives at local, regional and international fronts. It would also improve the bank's borrowing, competitiveness capabilities and leads to realization of better performance levels.
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