Barwa Bank offers shares subscription to raise capital
Doha – December 5, 2011 – Following the decision taken at an EGM on October 24, 2011, Barwa Bank announced today that subscription applications have been mailed to all share holders. Subscription will begin on December 6 and close on December 29, 2011.
The offering is of 109,130,900 new shares for subscription, offered to shareholders who were on the register at close-of-businesson October 24, 2011.The bank is offering six shares for every ten shares held. The new shares are offered at QR16 per share, which includes the nominal value of QR10 and a premium of QR 6.
Commenting on the importance of this subscription, Mr. Steve Troop, CEO, Barwa Bank Group said : “I would like to thank our shareholders for supporting the board's decision to increase the capital at the recent Extraordinary General Meeting. We are confident that this increase will have a positive impact on our performance and will enable us to maintain our position as a leading Shari'ah compliant financial group in Qatar”. To ensure a smooth and easy subscription, the Investors Relations Department in Barwa Bank have mailed the subscription application forms to shareholders who can apply through any of Barwa Bank's branches attaching the following documents to the application form:
- Individuals: ID card
- Minors: ID card or birth certificate stating the national number in addition to the ID card of the parent or legal custodian
- Corporates: a recent copy of the Commercial Registration, ID copy of the authorised signatory and an authorisation letter from the company
Commenting on the process, Mr. Talal Ahmad Al Khaja, Head of Investor and Shareholder Relations, Barwa Bank said: “We are keen on insuring a smooth and efficient subscription. We have organised a central registration process to receive all applications from our branches to guarantee easy and quick processing for shareholders throughout the subscription period. We have also allocated a telephone line, fax number and an email address to respond to shareholders inquiries”.
In addition to Barwa Bank branches around Doha, shareholders can contact Investor and Shareholder Relations Department for more information on telephone number 44488777 or fax number 44488676 or email address email@example.com. A dedicated team of specialists are available to answer questions and assist shareholders with their subscription application.
“2011 was a year of major developments for Barwa Bank on all levels. With this increase in capital, we are looking forward to a bright future, where we continue to create value for our customers, shareholders and the Qatari community” concluded Mr. Troop.
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