(MENAFN - Qatar News Agency) Qatar Insurance Company (QIC) (QE: QATI) has announced a net profit of QR 610.3 Million for the year 2012 compared to QR 591.8 Million achieved in the previous financial year, a Qatar Exchange notification said Wednesday.
The company's Earnings Per Share (EPS) is QR 6.84 this year compared to QR 6.64 in 2011. The Qatari company will distribute 25% cash dividend and 20% of the capital bonus share issue, or one share for five held shares.
The bonus shares will raise QIC's capital to QR. 1,070,269,200. QIC share price when trading closed Tuesday afternoon at Qatar Exchange was QR 69.
The QIC board has recommended raising the new capital after the increase of the bonus shares, by (20%) to up it to QR 1,284,323,040 by issuing of 21,405,384 new shares for the current shareholders at the par value of QR 10 plus a premium of QR 35. The board has also recommended amending article (7) of the company's Articles of Association to allow the Government of Qatar, it's organizations, institutions and associates to own more than 5% of QIC's shares.
A key point, the Board of Directors have agreed in principal is to increase the authorized capital of the company by a special issue of shares that will be allotted only to Qatar Holding which is a subsidiary of Qatar Investment Authority as a strategic partner to QIC and authorizing the board to complete the procedures after the approval of concerned authorities.
These recommendation will be discussed at the General Assembly meeting which will take place at La Cigale Hotel on February 17 at 3.30 pm.