Non-life insurer, Doha Insurance, has announced details of a long-awaited rights issue which would raise of QAR436.7 million (US$119.9 million) for the company. The move will nearly double its capital.
The insurer announced earlier this week that it would seek shareholder approval next month for the capital increase, with the funds aimed at strengthening its ability to carry out business at home and abroad. It has received regulatory approval to issue 24,260,000 new shares to shareholders through a rights issue, it said in a bourse filing.
A vote on the rights issue is expected to be held on 17 February, according to Reuters.
The rights issue would increase the insurer's financial solvency and further improve its credit rating, which would allow it to compete for mega projects both locally and internationally, the insurer said.
Qatar is in the midst of a building boom, with plans to spend as much as US$140 billion on infrastructure projects, including a new airport, stadiums, roads and railways, as it prepares to host the soccer World Cup in 2022.
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