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DOHA: The Board of Directors of Qatar Insurance Company (QIC) has approved the sale of over 7 million shares to Qatar Holding, the insurer said in a filing to Qatar Exchange yesterday.
Qatar Holding purchased a total of 7,755,574 ordinary shares at QR63 each to increase its capital from QR891.89m to QR969m.
As a strategic partner, Qatar Holding would strengthen QIC’s investor confidence. The decision will strengthen the company’s financial position, its regional presence and confirm its survival in the competition between the major insurance companies at the regional and international levels, the company said.
The bourse filing further noted: “We will make a request to the Ministry of Business and the concerned authorities to approve the capital increase according to the above statement, and waiting for their response to complete the procedures to the submit matter to the extraordinary general assembly of the company, which will be called to be held for this purpose after obtaining the necessary approvals”.
Qatar Exchange index edges up 5.06 points
DOHA: Qatar Exchange index edged up 5.06 points or 0.06 percent to close at 8,521.37 as the bourse resumed trade after a long Eid Al Adha holidays, yesterday. Gains were led by the Transportation and Telecom indices, gaining 1.38 percent and 0.70 percent respectively.
Top gainers were Mannai Corporation and Qatar Navigation. Mannai Corporation was up by 4.15 percent to QR97.90 from the previous closing at QR94.00. Qatar Navigation was up 3.90 percent to QR64.00 from the previous closing of QR61.60 and Qatar Meat and Livestock Company was up by 1.69 percent to QR 78.20 from the previous QR76.90.
Among the top losers, Salam International fell 2.03 percent. Al Khaleej Takaful and National Cement Company declined 1.32 percent and 1.07 percent respectively.
The volume of traded shares was 2,507,133 and the valued was QR 119.117m from 2,349 transactions.
Shares of 36 companies were traded on the floor today from the 42 listed companies; 18 noted gains 15 went down while three remained unchanged.
The transportation sector index noted maximum gains today, up by 18.42 points, followed by telecommunications sector with 7.65 points, consumer goods and services were up by 6.66 points, real estate by 5.41 points and industries by 4.69 points.
Banks and financial services sector was down by 7.70 points while insurance sector was marginally down by 1.54 points.