Al Mansoori Reiterates Interest of Family Companies to Go Public

Doha, August 14 (QNA) - Qatar Stock Exchange (QSE) Chief Executive Officer, Rashid bin Ali Al Mansoori, said that there has been a growing interest recently by family companies to turn into public shareholding companies, noting that a number of family companies that applied to be listed are currently at an advanced stage and the QSE is ready to receive such requests whether in the main market or the emerging businesses market that lists small- and medium-sized enterprises (SMEs). Speaking on the sidelines of the ceremony held to celebrate the listing of Investment Holding Group on QSE, which took the number of listed companies to 45, Al Mansoori said there is another company ready to be listed but he didn't set a timeframe for the process. He added the investment funds of Doha Bank and Masraf Al Rayyan are also gearing up for listing this year. He highlighted the growing interest of international portfolios to invest in the QSE, with the number increasing this month to more than 70. As for the listing of SMEs, Al Mansoori said QSE is ready to receive and list them, noting that a group of them have already applied to be listed. Al Mansoori expressed delight to list Investment Holding Group, stressing that the company is a new addition that would increase the depth of QSE and provide investors with a new opportunity and an additional choice to what they already currently have in the different sectors. He noted that QSE is working tirelessly to increase the number of listed companies by raising awareness of the benefits of listing in financial markets so as to finance the growth of companies to cope with the noticeable development in the country under the wise leadership of HH the Emir Sheikh Tamim bin Hamad Al-Thani. The QSE chief executive officer said QSE hopes that the listing of Investment Holding Group would be a starting point for redrawing the interest of government, closed and family companies to turn into shareholding companies, whose shares are offered for the public and also the listing of the different financial tools, including traded funds and corporate bonds. Al Mansoori added that the listing of the company is a proof of strength of the Qatari economy and the keenness of family companies on being listed in the Qatari market, which is one of the biggest Middle East emerging markets listed on the Morgan Stanley Capital International (MSCI) index. For his part, QSE Director of the Listing Department, Abdulaziz Nasser Al Emadi, highlighted several advantages that family businesses can get through listing on the stock exchange, including financing, advertising, or the advantages of the company rating itself, which are advantages the company cannot enjoy without listing on a financial market. Al Emadi called on family businesses to benefit of the advantages of listing on the exchange, especially as QSE is ready to provide any service, whether educational, advisory or other services that can help the companies in the offering and listing processes. He noted that the conditions of listing on QSE are very easy and attractive, adding that companies wishing to be listed should take positive and serious steps in this regard and that QSE is ready to cooperate with any company wishing to be listed. The current time is very suitable for listing on the stock exchange. All conditions are positive, healthy and the State's economy is in good shape, Al Emadi emphasized. For his part, Mohammed Ghanim Al Hudaifi, board member deputy CEO of Investment Holding Group, said that the group's listing on QSE is a positive step for the benefit of investors, urging other family businesses to be listed. Al Hudaifi noted that the board of directors will meet next week to study a proposal to distribute 3 percent to shareholders for the profits of 2016. He underlined that the listing was a milestone in the history of Investment Holding Group and added to its reputation and prestige, encouraging family businesses to be listed on QSE, which has many investment advantages and advanced infrastructure. The capital of Investment Holding Group is QR 830 million divided into 83 million shares. The nominal value per share is QR 10 and all shares are fully paid. The group's main activity is to act as a holding company as the legal owner of a group of companies. (QNA)