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Doha Bank’s Board recommends distribution of 60% of the paid-up capital as cash dividend and bonus shares
HE Sheikh Fahad bin Mohammed bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank stated that the Bank has realized initial net profit of QR. 932,648 thousands and the return on share reached QR. 7.47. He further added that the Bank’s Board has decided 'based on the remarkable results realized during 2007 'at its meeting held on Monday evening 14/01/2008 to submit a recommendation to the General Assembly of shareholders to approve the distribution of 40% of the capital as cash dividend to shareholders and amend Article (VI) of the Articles of Association to increase the bank's capital from QR 1.25 billion to QR 1.5 billion, an increase of QR 249.6 million, by distributing bonus shares to shareholders @ 2 shares for every ten (10) ordinary shares i.e. equal to 20% of the nominal share value.
HE has said that the Board has decided to submit another recommendation to the extra-ordinary General Assembly of Shareholders to increase the bank’s capital during 2008 and 2009 in two phases in line with the approved next three-years strategy, 15% for Phase one and 15% for phase two. However, the share value and issuance time shall be announced after approvals from competent authorities are obtained.
He added that these remarkable results had been complementary to the successes and accomplishments achieved by Doha Bank year after year and that the above net profit, distribution ratios and figures of the financial results of the bank are subject to the approval of the competent authorities and the General Assembly of shareholders.
Concluding his statement Doha Bank Chairman added that the Board of Directors and the executive management would work together to achieve greater achievements and successes in order to realize the goals set in the strategy and place the bank into the category of international banks.
Fahad bin Mohammed bin Jabor Al Thani Chairman of the Board of Directors
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