QIC to Distribute 25% Cash Dividend and 20% Bonus Shares

Doha, February 18 (QNA) - Qatar Insurance Company (QIC) has approved the distribution of 25% cash dividend, give 20% bonus shares and increase its capital further by 20% to QR 1.284 Billion. These decisions, besides approving its financial report for the year ended December 31, 2012, were taken at its Annual General Meeting and Extra-ordinary Meetings held here Sunday, according to a Qatar Exchange notification Monday. The 25% cash dividend is from the share's par value of QR 1.5 while the bonus share issue is one for every five held by QIC's registered shareholders. Settlement starts Monday through all branches of Commercial Bank of Qatar. The EGM approved increasing QIC's capital from QR 891,891,000 to QR 1,070,269,200 by capitalizing part of the profits and disbursing bonus shares. The assembly also decided to further increase QIC's capital by issuing 21,405,384 rights shares at the par value of QR 45 plus QR 35 premium to its shareholders registered on Qatar Exchange as of February 12, 2013. At the EGM the assembly also amended its Article 7 of Association to read, "All shares of the company are nominal. No individual or entity except the government of Qatar and its related institutions, organizations, entities possess at any time more than 5% of the shares of the company". Also approved, in principal, is increasing the authorized capital of QIC to a maximum 20% through special issue of shares to be allotted only to Qatar Holding, a subsidiary of Qatar Investment Authority, as a strategic partner and authorized its board of directors to complete procedures after the approval of concerned authorities. (QNA)