Ahlibank rights issue set for Sept 30

Ahlibank’s rights issue will hit the market on September 30 to garner as much as QR449mn to part fund its growth. The bank, which is seventh largest by assets, is offering 14.95mn shares at QR30 each (including a premium of QR20). So far, Qatar Telecom and National Leasing Company have raised QR6.86bn and QR486.55mn through rights issues while Qatar Navigation has announced moves to collect around QR1.31bn through its 20% rights offer. Ahlibank had earlier announced the rights issue size was 22.43mn shares at QR30 a piece, implying a total capital rise of QR673mn. Ahlibank, a unit of Bahrain-based Ahli United Bank, said existing shareholders could buy one new share for every five shares held with the offer open from September 30 until October 14. Qatari shareholders can subscribe to a number of shares not greater than 20% of their shares as at closure on September 27, 2012. However, they would have the right to apply to subscribe in shares exceeding their entitled ratio. In case of additional subscription, the shares under the rights issue shall be allotted to shareholders only pro rata to their additional subscription. The new shares would be listed on Qatar Exchange following the subscription and allocation processes as per the applicable listing regulations. From gulf times.