(MENAFN- The Peninsula)
The Peninsula
Doha: Qatar First Bank LLC Public (QFB) held its Extraordinary General Assembly Meeting yesterday. The Extraordinary General Assembly Meeting was held virtually via Zoom, and was chaired by Sheikh Faisal bin Thani Al Thani, QFB's Chairman, with the attendance of QFB's board members, shareholders, and senior management team.
The Extraordinary General Assembly Meeting discussed and approved all items on its agenda, including the increase in the bank's paid-up nominal share capital from QR700m up to QR1.12bn representing a growth of 60 percent from the current paid-up nominal share capital of the bank, by way of a rights issue and related actions necessary to execute the share capital increase. The bank's chairman was authorized by the Extraordinary General Assembly Meeting to execute the increase in the paid-up share capital.
In order to execute the increase in the paid-up share capital, the Extraordinary General Assembly Meeting also discussed and approved the amendment of Article No. 2 of the bank's articles of association, to reflect the impact of the share capital increase on the bank's total issued share capital. Addressing the Extraordinary General Meeting, Sheikh Faisal bin Thani Al Thani, said:“With the support of the members of the board and the shareholders, QFB's efforts to increase its nominal share capital will lead to improved performance, long-term growth, and financial stability. This increase will enhance the shareholders' equity base and support QFB's expectations for achieving its strategic goals.”
“With the blessing of God, then the continuous trust and confidence of our shareholders, we have witnessed remarkable growth in the past two years by increasing shareholders' return. QFB has recorded three consecutive profitable quarters with strong growth momentum,” concluded Sheikh Faisal.
The increase in the bank's nominal share capital will help the bank further strengthen its equity, balance sheet, and liquidity position, in addition to exploring investment opportunities. Furthermore, the increase will enable the bank to achieve long-term growth and improved levels of performance.
Finally, the capital increase will also create a positive impact on the bank by increasing the capital adequacy ratio and enhancing the bank's ability to grow its investments in different areas. The bank will liaise with its regulators to complete the public offering process in time and will ensure that its shareholders are kept updated on the process through regular communication.
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