21-12-2022
With reference to the news published on 12/13/2022 regarding the capital reduction of Qatar Insurance Group for Services Company W.L.L. We would like to clarify that Qatar Insurance Group Services Company W.L.L. is a wholly owned subsidiary (through QICC) of Qatar Insurance Company (Q.P.S.C.) - listed on the Qatar Stock Exchange - (the parent company), a company incorporated in the Qatar Financial Center and licensed by the Qatar Financial Center Regulatory Authority and in accordance with article 30 (3) (a) of the QFC Regulations of 2005, according to which the limited liability company must publish a notice in the Gazette within a period of not more than 30 days and not less than 15 days from the date of implementation of the reduction, The company has published the aforementioned notice in compliance with the requirements of the Qatar Financial Regulatory Authority.
Accordingly, the capital reduction process is an internal procedural process between Qatar Insurance Company (Q.P.S.C.) (the parent company) and a wholly owned subsidiary and has no impact on Qatar Insurance Company (Q.P.S.C.) listed on the Qatar Stock Exchange nor on the consolidated financial statements and consolidated financial position of Qatar Insurance Company (P.S.Q.C.) listed on the Qatar Stock Exchange.