The board of Qatar Insurance has approved the sale of shares worth 488.6 million riyals ($134.2 million) to state fund Qatar Holding, the insurer said in a bourse filing on Tuesday.
The fund purchased 7.76 million shares at 63 riyals each, raising its capital to 969.4 million riyals. The capital hike still requires the approval of the Ministry of Business and other regulatory authorities, as well as existing shareholders, the statement said.
Qatar Holding's presence as a strategic partner would strengthen the financial position of the company and help it to compete against major insurance companies at a regional and international level, the statement added.
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