QP holding arm IPO opens today

(AFP)   

 

The Qatar Petroleum (QP) has announced a list of accredited receiving banks for the IPO of its holding company of Gulf International Services (GIS).

 

The IPO will be launched today, representing the latest privatisation initiative from Qatar Petroleum, the state-owned company governing the country’s oil and gas productions. QP will hold about 30 per cent of the share capital, said the company. 

 

The GIS subsidiaries include Al Koot Insurance and Reinsurance (Al Koot), Gulf Drilling International Limited (GDI) and Gulf Helicopter Company (GHC).

 

The share price has been set at QR21 per offer share, with offering costs of QR0.6.


The QP and GIS chairman, Abdullah bin Hamad Al Attiyah, who is also the Qatar’s Deputy Prime Minister and Minister of Energy and Industry, urged the citizens to fully participate in the IPO.

 

The company said 4.2 per cent the shares will be made available to selected institutions and 65.8 per cent being made available to the public. Qatari individual investors will be able to apply for a minimum allocation of 250 shares with multiples of 50 shares thereafter and for a maximum of shares of 10,000 per individual.

 

Al Attiyah said after announcing accredited banks: “This next step in our programme of privatisation, launched in compliance with the directive of His Highness the Amir of the State of Qatar, Sheikh Hamad bin Khalifa Al Thani, allows our citizens to benefit from the continued economic development of the State of Qatar. Qatari investors wishing to apply for shares will be able to do so through our established group of receiving banks, and in doing so participate in the continued development of our petroleum industries.”

 

The 10-bank group, including HSBC, is headed by Qatar National Bank (QNB).


Ali Shareef Al Emadi, Group Chief Executive Officer of QNB, the lead receiving bank of the IPO, said: “The nine banks selected have met our criteria for operating as receiving banks.  We anticipate a positive response to this offer and have every confidence in the ability of our selected receiving banks to handle the likely volume of applications.”


The other banks in the group are Al Ahli Bank, Arab Bank, Commercial Bank Qatar, Doha Bank, International Bank of Qatar, Qatar Islamic Bank, International Islamic and Rayan Bank.


 

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