DOHA Jan 20 JP Morgan will act as lead
manager for Doha Bank's upcoming share sale, the
lender's chief executive said on Sunday.
Doha Bank announced earlier this month plans to increase its
capital by 50 percent, with a quarter raised through a local
rights issue and the remainder from a share sale in London.
"It's one composite deal. For the rights issue, we have the
know-how in house. The capital raising is another aspect, and
the lead management for that will come from JP Morgan," Doha
Bank chief executive Raghavan Seetharaman told a news conference
in the Qatari capital.
The lender, part-owned by the Gulf state's sovereign wealth
fund, plans to increase capital by 25 percent by issuing new
shares to current shareholders at 30 riyals per share - a
discount to its market price of 54 riyals.
Doha Bank's capital levels are lower than its Qatari peers
and proceeds from the share issue are expected to be used mainly
to plug that shortfall, the bank said earlier this month.