Doha Bank announced plans to increase its capital by 50%, with 25% raised through a local rights issue and the remaining 25% from a share sale in London.
Doha Bank's capital levels are lower than its Qatari peers and proceeds from the share issue are expected to be used mainly to plug that shortfall, as per newswires.
Doha Bank plans to increase capital by 25% by issuing new shares to current shareholders at QR 30 per share. It will raise the other 25% through an issue of global depository receipts in the second phase of the capital increase plan, the bank said.
Doha Bank is one of the largest private commercial bank in the State of Qatar. It was incorporated in 1978 and commenced its domestic and international banking services in Doha, Qatar on March 15, 1979.
Mena Weekly Monitor – Bank Audi Research