Postponement of Rights Issue

29 Oct 2008 07:54



29 October 2008

The Commercial Bank of Qatar has announced the indefinite postponement of the Rights Issue of shares which had been proposed for the fourth quarter of 2008.

The Board of Commercialbank does not believe that launching a rights issue at this time would be in the best interests of the Bank, its shareholders and other stakeholders given the current turbulent state of the global financial markets. This decision has been taken in line with the recommendation of the regulatory authorities in Qatar.

Commercialbank remains one of the most strongly capitalised banks in the Gulf region, with Shareholders Equity, following completion of its successful capital raising in June 2008, of QAR 10.034 billion (US$ 2.756 billion) and a Capital Adequacy Ratio of 18.63%, of which 17.71% is represented by Tier I capital.