Qatar Insurance Board Approves Transfer of QLM under Ministry of Economy & Commerce

April 25, 2018

Qatar Insurance Company’s Board of Directors has approved to transfer Qatar Life & Medical Insurance (QLM), a subsidiary of the group and registered in the Qatar Financial Center, to be registered under the Ministry of Economy & Commerce. The new company will be established as a Limited Liability Company, fully owned by Qatar Insurance Company. All assets & liabilities shall be transferred from the old company (QLM), which is currently in termination stage with Qatar Financial Center. These procedures has been approved by Qatar Central Bank.

The Board has approved to offer the Minority owners in QIC capital an offer to acquire their share by replacing these shares with shares in Qatar Insurance Company. These shares will be issued for this purpose only and they will get the right to subscribe in these shares. This offer mechanism is subject to the regulatory and supervisory bodies approvals.