Qatar Insurance Co. SAQ said its board of directors approved share buybacks up to a value of 500 million Qatari riyals.
The buyback is subject to regulatory approval from the appropriate authorities and the Qatar central bank. A separate regulatory filing indicated that the company would buy back 15,179,000 shares, or 4.76% of its total shares.
As of June 5, US$1 was equivalent to 3.64 Qatari riyals.
