Dukhan Bank to go public soon

Dukhan Bank will soon list its shares on the Qatar Stock Exchange (QSE) through direct listing mechanism.
This has been made possible after the bank has received approval from shareholders at the extraordinary general assembly (EGA) meeting.
With the listing of Dukhan Bank, the total number of listed Qatari banks will become 13, while the companies in the QSE will become 50.
The EGA, which was presided over by Dukhan Bank chairman Sheikh Mohamed bin Hamad bin Jassim al-Thani, also gave the green light to increase foreign ownership to 49%.
Similarly, the EGA approved the valuation and applicable price of the bank’s shares, which will be used in the direct listing process at QR4.35 per share, as well as the proposed amendments to the memorandum of association and the articles of association of the bank. The amendments to the articles of association include, amongst other things, reducing the nominal value of each share of the bank from QR10 to QR 1.
Commenting on the occasion, Sheikh Mohamed said: “We are pleased with the results of the extraordinary general assembly meeting, as the participating shareholders overwhelmingly approved all of the agenda items after thorough discussions. The direct listing of the share capital of the bank in the main market on the Qatar Stock Exchange and its conversion into a joint stock company is in line with our overall strategy, the characteristics of which were defined with the completion of the first merger in the Qatari banking sector in 2019.
“Today, as the fifth largest bank in Qatar with total assets in excess of QR100bn, we wanted to share the returns of Dukhan Bank’s continued growth with a broader base of shareholders in Qatar and beyond. We consider the listing as a new step that will strengthen the bank’s position globally, with our commitment to environmental governance, social responsibility, and corporate governance framework, which we are committed to in Dukhan Bank, and our adherence to our portfolio, which is enhanced with state-of-the-art digital banking services and products that cater to the ever-changing customer demands.”
He added: “We believe that direct listing will offer attractive levels of trading liquidity and provide an opportunity for external investors and niche clients to join the ongoing growth journey of the bank as we aim to continue to increase their profits and investments.
“We have offered our shareholders one of the highest dividend rates in the market over the past few years and now we offer them the opportunity again to increase their profits and liquidity by offering part of their investments in the market.”
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