Qatar Stock Exchange (QSE) announces that trading of QFB’s stock will be suspended on Monday 23/12/2019 for a period of one day in order to implement the capital reduction process aimed to extinguish losses encountered by the bank.
However, trading of QFB’s stock will be resumed on Tuesday 24/12/2019.
It is worth noting that the QFB has obtained its EGM’s approval dated 16/9/2019 on reducing the issued capital by 65% from 2 billion Qatari riyals to 700 million Qatari riyals, divided into 700 million shares with a nominal value amounting to QR1 Qatari each.
QFB announced that it has determined the date for capital reduction after obtaining all necessary approvals to implement the capital reduction, and after coordination with the relevant authorities.
Note that the capital equation which will be followed to extinguish the losses is as follows:
New Price = Previous Capital/ New Capital X closing price
Accordingly, the opening price of the bank’s stock after the capital reduction process will be determined based on the closing price of the bank’s stock at the end of Sunday, 12/22/2019.
The new price will be announced in a market notice to be published on QSE website.
To view the financial position Click here
To view the Minutes of the EGM Click here
To view the Creditors Notice Click here
QFB announces that it has completed obtaining all the necessary approvals to implement the process of reducing the share capital. These documents include obtaining approval on the amended articles of association by the Qatar Financial Center and an extract of the new commercial register reflecting the new paid-up capital. Accordingly, and upon coordination with the relevant regulatory authorities, QFB will:
1) Implement the process of reducing its paid-up capital to become 700 million Qatari riyals, equivalent to 700 million shares with a nominal value of one Qatari Riyal per share instead of previously 2 billion shares with a nominal value of one Qatari Riyal.
2) The equation for the amendment of the share will be implemented according to the practices of Qatar Stock Exchange, and therefore trading in the stock will be suspended on Monday, December 23, 2019, to implement the reduction process, provided that trading in the stock with its new capital will be resumed on Tuesday, December 24, 2019.
To view the Financial Position After Capital Reduction, click here
To view the QFB Creditors Notice , click here