Dukhan Bank to be converted to public holding company

The Extraordinary General Assembly (EGA) Meeting of Dukhan Bank was held via videoconference on Sunday (January 15 2023) chaired by Sheikh Mohammed bin Hamad bin Jassim Al Thani, the Chairman of the Board, and in the presence of 91.6% of the shareholders.

Dukhan Bank (the “Bank”) is the third largest and fastest growing Islamic bank in Qatar, licensed and regulated by the Qatar Central Bank, with assets in excess of QAR 100bn. The Bank provides an award winning and full range of Shari’ah compliant banking services including retail, corporate and commercial banking, business banking, private banking, real estate finance, structured finance, investments and asset management.

The meeting involved discussions of all of the items on the agenda, including the approval of the conversion of the Bank to a Qatari public shareholding company, the direct listing of the share capital of the Bank on the main market of the QSE according to the terms and conditions set out in the listing prospectus (which will be published on the websites of the QSE and the Bank), and increasing the level of foreign ownership of the shares of the Bank to 49%.

The EGA also approved the valuation reports determining the valuation of the Bank prepared by independent valuators. In this regard and in accordance with the Qatar Financial Markets Authority’s (the “QFMA”) Offering and Listing of Securities on the Financial Markets Rulebook, the Board appointed KPMG Qatar Branch (“KPMG”) and Access Company (“Moore”) as the independent valuators to assess the Bank’s assets and liabilities in order to prepare the independent valuation reports.

QNB Capital LLC is acting as Listing Advisor to Dukhan Bank, K&L Gates LLP as International Legal Advisor, and Sharq Law Firm as Qatar Legal Advisor in connection with the transaction.

The share price for the purpose of the direct listing, the EGA approved the valuation and applicable price of the shares of the Bank which will be used in the direct listing process at QAR 4.35 per share, as approved by the Board and the QFMA.

The Bank will now seek to complete the final legal and regulatory steps in relation to the listing, and will provide a further update in relation to timings in due course.