Qatar Insurance to Issue Convertible Bonds Worth QR 910 Million

Doha, November 24 (QNA) - Qatar Insurance Company (QIC) will issue five-year term convertible bonds worth QR 910 Million (US $250M). The bonds can be converted fully into paid ordinary shares after three years from the date of issue. The General Retirement and Social Insurance Authority will fully acquire the convertible bonds, QIC said. The bonds will be issued after obtaining the necessary approvals from the concerned authorities, QIC said following its Ordinary and Extra-ordinary General Meeting chaired by the Board of Directors Deputy Chairman Abdullah bin Khalifa Al Attiya here Sunday. The Qatar Stock Exchange-listed company aims to expand its reinsurance business globally as well direct insurance growth in local and regional markets. The meeting also approved increasing company's share capital from the conversion of the bonds into ordinary shares at the conversion date, QIC said. The meeting also decided that at least 10% of the annual net profit will be allocated to legal reserve till it reaches 100% of the paid-up capital. (QNA)