QIC capital base reaches QR1.28bn after rights issue

Qatar Insurance Company’s (QIC) capital base has reached QR1.28bn following oversubscription of its rights issue, which was open for subscription from March 4 to 25.

The number of shares offered through the rights issue was 21.4mn, QIC said yesterday.

The rights issue was approved during the company’s extra ordinary general assembly held in Doha in February.

Total subscription reached QR1.57bn with number of shares ordered being 34.9mn.

In the first phase of the rights issue, the allotment was for 18.79mn shares.

The excess shares ordered totalled 16.2mn and unsubscribed shares 2.6mn, while in the second phase the pro-rata was 2.61mn shares allotted at 16.13%.

QNB has refunded the excess amounts collected from subscribers, QIC said.

The rights issue was open for subscription through QNB.

Recently, QIC received approval from the Qatar Financial Markets Authority for placement of excess shares for trading at the Qatar exchange.