Ahli bank announces capital increase through distributing

The Ahli Bank announced Monday its Capital increase through distributing 42,046,876 free shares to shareholders to become 112,125,002 shares.  The Bank said in a statement published on the (Qatar Exchange) website that the Ordinary and Extra-Ordinary General Assembly Meeting has approved the Board's recommendation of distributing profit among the shareholders in the form of Bonus shares in an amount of 60%. Accordingly; they have approved the Bank s Capital increase as much as the free shares of 42,046,876, so that the Bank s Capital shall become 112,125,002 shares.  Meanwhile, the Extra ordinary General Assembly decided to increase the Bank s capital which is 112,125,002 shares (after adding the free shares), by placing into market shares for underwriting in an amount of 20% by a total number of 22,425,000 share in an amount of QR. 30 for each share, so that the Bank s capital shall become 134,550,000 shares,  along with delegating the Board of Directors to determine the underwriting period and to take all the necessary procedures to fulfill the foregoing, and to amend Article no. (7) of the Bank s articles of association, and Article no. (6) of the Bank s memorandum of understanding, to reflect the increase of the Bank s capital.  The Ordinary and Extra-Ordinary General Assembly meeting, which was held yesterday. also approved the budget and the profit and loss statements for the financial year ending 31/12/2011.  The Ahli Bank was founded in 1983 and listed on the Qatar Exchange in 1999. It offers a wide range of banking products and services.  (QNA)