3 Nov 2008 12:55
3 November 2008
COMMERCIAL BANK OF QATAR'S BOARD OF DIRECTORS RECOMMENDS:
His Excellency Mr Abdullah bin Khalifa Al Attiyah, Chairman of Commercialbank's Board of Directors, announced that the Board held a meeting on Monday, 3rd November 2008 and passed the following resolutions:
1 Based on the outstanding results that the Bank achieved during the first nine months of the year and the anticipated profit for the remainder of 2008, the Board has decided to recommend to the Annual General Assembly which will be held in the first quarter of 2009, the distribution of a cash dividend at a rate of QR [7] per share ([70%] of the Bank's paid-up share capital) for the year 2008, subject to the approval of Qatar Central Bank.
2 The Board decided to call an Extraordinary General Assembly before the end of November 2008, on a date to be agreed with the Ministry of Business and Trade:-
(i) to seek the shareholders' approval on the Board's recommendation to cancel the following resolution passed by the shareholders at the Extra-ordinary General Assembly held on 12 March 2008:
"To increase the Bank's capital by way of rights issue of 1 share for every 10 shares held, at a price QR 70 per share, but subject to the issue date being deferred until a date during the fourth quarter of 2008 to be determined with the approval of the Ministry of Economy and Commerce."
(ii) To increase the share capital of the Bank by a maximum of 20%, namely a maximum of 41,241,063 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 12th October 2008, and to waive the priority rights of existing shareholders to subscribe for such new shares.
The above resolutions are subject to the approval of the regulatory authorities in the State of Qatar.
C Bk Qatar S (CBQS)