Doha insurer’s $120m rights issue okayed

Qatar’s Doha Insurance said on Tuesday it had received shareholder approval for a capital increase worth QR436.7 million ($119.9 million) aimed at strengthening its ability to work at home and abroad.

The insurer said the plan — which will nearly double its capital to QR500 million — had been approved at a meeting on Monday and would see 24,260,000 new shares offered to shareholders at a price of QR18 per share.

The offer price is a substantial discount to the QR27.55 closing price on Monday.