Funds from QIA for proposed share subscription

31 Dec 2009 12:44



For immediate release

Commercial Bank of Qatar announces receipt of funds from Qatar Investment Authority for proposed share subscription

Thursday, December 31, 2009

Commercial Bank of Qatar, the largest private sector bank in Qatar, today announced that it has received funds from the Qatar Investment Authority which are to be used to subscribe for a further issue of shares in the capital of the Bank. The proposed issue would involve a placement of 10,310,265 additional ordinary shares at a price of QAR 78.30 per share and would increase the Qatar Investment Authority's shareholding in Commercialbank to 9.1%. The placement would be subject to approval by an Extraordinary General Assembly of Commercialbank to be held in early 2010. The proposed new shares would not have any entitlement to dividend or other profit distribution in respect of the 2009 financial year.