Mubasher: Qatar Insurance on Wednesday posted that the company allocated QAR 500 million for a share buyback programme.
The decision comes along with the company’s strategy to support its share price and enhance shareholders value, according to a filing to the Qatar Stock Exchange (QSE).
The Qatari insurance firm decided to purchase 15.179 million shares in accordance to regulatory rules and procedures of Qatar Financial Market Authority (QFMA) No. 1 for the year 2006.
The company’s liquidity and ability to undertake its principle activities will not be materially affected, according to the statement.
It is worth noting that Qatar Insurance’s capital amounts to QAR 3.2 billion, divided on 318.9 million shares.
For the first quarter of 2018, Qatar Insurance’s profits jumped 25.6% to QAR 230 million, compared to QAR 309.19 million in Q1-17.
