Doha Insurance to launch $120m rights issue March 17

March 10, 2014 - 1:03:07 pm

DOHA: Qatar's Doha Insurance said on Monday it would offer new shares to shareholders from March 17 through March 31 as it aims to raise 436.7 million riyals or $119.9 million and nearly double its capital.

Shareholders will be able to buy up to 24,260,000 new shares at a price of 18 riyals per share, a discount to the closing price of 24 riyals on Sunday.

Shareholders will be allowed to subscribe for nine new shares for every 10 they currently own.

Doha Insurance has said the capital boost would increase financial solvency and improve its credit rating, which would allow it to compete for large projects locally and internationally. (Reuters)