Sign In
Last checked at 
3 Nov 2008 12:55
ο»Ώ
3 NovemberΒ 2008
COMMERCIAL BANK OFΒ QATAR'S BOARD OF DIRECTORS RECOMMENDS:
Β
Β
Β
His ExcellencyΒ Mr Abdullah bin Khalifa Al Attiyah,Β Chairman ofΒ Commercialbank'sΒ Board of Directors, announced that theΒ BoardΒ held a meeting onΒ Monday, 3rdΒ NovemberΒ 2008 andΒ passedΒ the following resolutions:
1Β Β Based on the outstanding resultsΒ thatΒ theΒ BankΒ achievedΒ during the firstΒ nine monthsΒ of the yearΒ andΒ the anticipated profit for the remainder of 2008, the Board has decided to recommend to theΒ AnnualΒ General AssemblyΒ which will beΒ held in the first quarter ofΒ 2009,Β the distribution ofΒ aΒ cash dividend at a rate of QRΒ [7]Β per shareΒ ([70%]Β of the Bank's paid-up shareΒ capital)Β for the year 2008,Β subject toΒ the approval of Qatar Central Bank.
2Β Β Β TheΒ Board decided to call an Extraordinary General Assembly before the end of NovemberΒ 2008, on a date to be agreed with the Ministry of Business and Trade:-Β
(i) to seek the shareholders' approval on the Board's recommendation to cancel theΒ followingΒ resolution passed by the shareholders at theΒ Extra-ordinary General Assembly held onΒ 12 March 2008:
"ToΒ increaseΒ the Bank'sΒ capital by way of rights issue of 1 share for every 10 shares held, at a price QRΒ 70 per share,Β butΒ subject to the issue date being deferred until a date during the fourth quarter of 2008Β to be determined with the approval of the Ministry of Economy and Commerce."
Β
Β
(ii) To increase the share capital of the Bank by a maximum of 20%, namely a maximum of 41,241,063Β new ordinary shares, to be issued to Qatar Investment Authority on terms to be agreed by the Board, but at a price equivalent to the market price of the Bank's ordinary shares at close of business on Sunday 12thΒ OctoberΒ 2008, and to waive the priority rights of existing shareholders to subscribe for such new shares.
TheΒ above resolutions are subject to the approval of the regulatory authoritiesΒ in the State of Qatar.
Follow the stocks
