Doha – Mubasher: Qatar Insurance Company’s capital increase by 32% to QAR2.4 billion ($669 million) is positive for the company’s credit rating, according to Moody's.
This increase will be reflected in shareholders' equity which will rise 26% to reach QAR7.6 billion ($2.1 billion) after distributing 25% cash dividends for 2015.
QIC agreed to distribute 35% annual dividends divided into cash dividends at 25% the stock’s par value (at QAR 2.50 per share) and bonus shares at one share for every ten shares.
The company’s ordinary general meeting agreed to increase the capital from QAR1.85 billion to QAR 2.03 billion by distributing bonus shares equivalent to the value of the increase. Shareholders also approved the amendment of article (6) of the articles of association to reflect the capital increase.
