CEO of Qatar Petroleum Announces QAMCO's IPO on October 30

Doha, October 22 (QNA) - President and CEO of Qatar Petroleum (QP) Eng. Saad bin Sherida Al Kaabi has announced that Qatar Aluminium Manufacturing Company's (QAMCO) Initial Public Offering (IPO) will start on October 30. In a press conference held Monday to reveal the IPO details, Al Kaabi said that Qatar Petroleum will list 49 percent of its shares in the QAMCO in a public offering, while QP will own 51 percent of the company's share, which owns 50 percent of Qatar Aluminum (Qatalum). According to Al Kaabi the company's shares are expected to be traded by mid-December, and its capital will reach about QR 5.5 billion. The IPO will be for Qatari nationals only, whether individuals or companies, he said. Eng. Al Kaabi added that the offer shares will be offered at QAR 10.1, which includes the nominal value per share of QAR 10, plus offering and listing costs of QAR 0.1 per share. At the press conference, President and CEO of Qatar Petroleum Saad Sherida Al Kaabi said that the IPO comes in line with the directives of HH the Amir Sheikh Tamim bin Hamad Al-Thani to promote investment opportunities and establish a long-term savings culture for Qatari investors and their sons. This what Qatar Petroleum is committed to when it announced Qatar Aluminum IPO last May. He added that QAMCO's minimum subscription will be 50 shares with a maximum of 11.16 million shares being offered to individual investors, adding that any request for subscription from 50 to 750 shares, the investor will receive the same amount, while subscriptions for over 750 shares will be multiples of 50 shares provided that the number of shares remaining available for subscription sufficient to complete all these subscriptions. The subscription period will be open for two weeks starting on 30 October 2018 and ending at the end of business day 12 November 2018, he said. Al Kaabi pointed out that 5% will be dedicated to the civil and military pension funds, while no Qatari and international investors can buy shares in the secondary market post listing, noting that the shares are Sharia'a compliant. Shares are expected to be traded on the Qatar Stock Exchange by mid-December after obtaining all remaining regulatory approvals. The President and CEO of Qatar Petroleum said that "this IPO represents a new and important investment opportunity to Qatari nationals." Al Kaabi said "The QAMCO IPO is a new milestone event in the history of initial public offerings in Qatar, which will give Qatari citizens the opportunity to share in the rewarding returns generated by Qatar Aluminium through an IPO." Al Kaabi reviewed the details of the IPO and the unique investment opportunity for Qatari citizens in state companies and the importance of cultivating long term investing culture. The QAMCO IPO is anticipated to be a significant IPO for Qatar, with the aim of achieving Qatar's economic vision by delivering greater privatization and supporting capital markets. Qatar Petroleum is the sole founder of QAMCO, which has a proposed issued share capital of QAR 5,580,120,000. It announced a forthcoming Initial Public Offering (IPO) of shares representing 49% of the issued share capital of Qatar Aluminium Manufacturing Company. The offer shares will be offered at QAR 10.1, which includes the nominal value per share of QAR 10, plus offering and listing costs of QAR 0.1 per share. (END)