- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:54 06:07 12:12 15:34 18:10 19:24
The first public issue in the Gulf this year is coming from Qatar setting a new trend.
Mazaya Qatar Real Estate Development Company has received the approval of Qatar Financial Markets Authority to offer 50 million shares, representing 50 per cent of total capital, in an initial public offering (IPO).
The IPO will be available for subscription to Qatari nationals and 100 per cent Qatari-owned firms from January 17 to 31.
The nominal value per share will be QR10 (Dh10.09), to be fully paid upon subscription in order to raise QR500 million plus offering cost per share which will be used to cover costs and fees incurred on the IPO.
"Raising capital for Mazaya Qatar Real Estate Development demonstrates the resilience of the Qatari economy and real estate sector," said Rashid Fahad Al Naimi, Chairman of Mazaya Qatar.
"During the previous period we preferred to reserve shareholders' money and keep it away from risky projects because of the instability of the global real estate market. The Board of Directors decided to wait and study the market so as to be able to identify the perfect timing to take advantage of opportunities. The company's first project will be announced soon," he said
Individual Qatari investors will be able to apply for a minimum subscription of 250 shares, with multiples of 100 shares thereafter.
Corporate investors with 100 per cent Qatari ownership will be able to apply for a minimum of 2,000 shares, with multiples of 1,000 shares thereafter. Maximum subscription will be 25 million shares.
Qatar National Bank (QNB) is the designated lead manager for the IPO, Investment House will be the IPO financial advisor while Deloitte and Touche the book runner, and Gibran Majdalani Advocates will be the legal advisor.
Mazaya Qatar Real Estate Development Company was established as a Qatari shareholding company.
The Shariah-compliant company specialises in real estate development and investment, including residential, commercial and industrial compounds, real estate consultancy and research, contracting, maintenance, real estate and commercial brokerage, marketing, building and facilities management, building materials, electrical and mechanical equipment, export and import for business purposes.
The firm also has interests in investment in any business or sector determined by the Board of Directors or the General Assembly in compliance with the applicable laws and regulations.
Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.
Follow Emirates 24|7 on Google News.