QIC obtains ministry’s approval for QR963mn rights issue

Qatar Insurance Company (QIC), which is strengthening its operations both within the country and overseas, has received approval from the Ministry of Business and Trade to garner as much as QR963mn through a rights issue.

The company, which is the dominant player in the domestic sector, is offering 21.41mn shares at QR45 a share (including a premium of QR35 a piece).

The rights issue will be on tap for a fortnight from March 4, 2013.

The eligibility date for current shareholders registered at the Qatar Exchange will be according to the closing day of February 14, 2013.

After the rights issue, the company’s capital base will increase to QR1.28bn from QR1.07bn (post bonus share issue).

QIC’s reinsurance subsidiary Q-Re is all set to establish operations in Zurich and Bermuda as part of its “significant” step onto the global reinsurance business.

“The structural initiatives as planned will be strategised and executed in 2013 and will provide all our lines of business the necessary flexibility and freedom to grow,” the company’s board report had said.

Qatar’s capital market has so far this year seen three rights issues, of which Al Meera Consumer Goods had hit the market in January to raise as much as QR950mn. Another one from Doha Bank, with a size of QR1.55bn, will hit the market on Thursday (February 28).

Qatar Holding to seek credit ratings this year

IFR, Reuters/London1

Qatar Holding, the investment arm of Qatar’s sovereign wealth fund, is to seek credit ratings this year.

“I can confirm Qatar Holding will be seeking a credit rating this year,” a spokesperson for the fund said.

Qatar sovereign has ratings of Aa2 from Moody’s and AA from S&P, and was most recently in the bond market last summer with a mammoth $4bn sukuk issue.

Last week, Qatar Holding said the country would establish a new $12bn investment firm backed by blue-chip assets from the sovereign wealth fund, and list it on the local stock exchange. The new firm would invest in assets around the world.

Qatar Holding, believed to have assets in excess of $100bn, has been the most active of the region’s sovereign wealth funds in recent years, deploying the Gulf nation’s riches from plentiful natural gas to buy stakes in companies ranging from German sports car maker Porsche to British bank Barclays and Swiss lender Credit Suisse.

ThyssenKrupp, Eads hit by  China hackers

Airbus parent Eads and German steelmaker ThyssenKrupp recorded major attacks by Chinese hackers in 2012, German magazine Der Spiegel reported, citing unidentified people within the two companies.

That is a trend seen throughout the German economy, where companies are increasingly being attacked by Chinese hackers, the magazine said, citing information from the German government.

A spokesman for Eads said the attacks were “standard attacks” and the company was working closely with government authorities on the issue of cyber security.

ThyssenKrupp also confirmed an attack, saying it took place in the US from a Chinese internet address and that it had no information as to what data the attackers obtained, according to Der Spiegel.

ThyssenKrupp was not immediately available for comment when tried by Reuters.