Continue reading Trading of Qatar First Bank (QFB) stock will be suspended on Monday 23/12/2019 to complete capital reduction process" />
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.