Qatar Islamic rights issue oversubscribed

Doha: Qatar Islamic Bank's 1.25 billion riyal ($343.6 million) rights issue was three times oversubscribed, according to figures issued on Saturday.

Investors offered 5 billion riyals in the issue, which will raise the lender's capital by 10 percent to 1.97 billion riyals, the bank said in a statement.

Expansion

Some 17.9 million shares were offered for 70 riyals each, including a premium of 60 riyals.

Qatar Islamic announced the rights issue in March, saying it would expand its network after opening a subsidiary in Britain.

The Doha-based bank said it would carry out feasibility studies in Turkey, Egypt and other Gulf states in addition to Indonesia and Brunei as part of expansion plans of its affiliate Asian Finance Bank.

Some 17.9 million shares were offered for 70 riyals each, including a premium of 60 riyals.