Qatar: Qatar Holding, a unit of the country's sovereign wealth fund Qatar Investment Authority (QIA), is considering raising its current equity stake of 12% in Qatar Insurance Co (QIC), a dominant player in the domestic insurance market, Reuters has reported. QIC, whose first half net profit was impacted by exceptional provisions towards special claims related to the natural catastrophes and other huge claims reported in 2012, like the fire of Villagio mall, said it had received an offer from "strategic partner" Qatar Holding. "The board of directors of QIC welcomed the offer and agreed to the signing of a memorandum of understanding, which includes determining the required number and price per share (nominal value and issue premium), and then bring the matter to the competent authorities to obtain the necessary approvals to begin the procedures for the capital increase," said QIC. [AMEInfo.com]
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