Al-Mahhar Holding Company, which provides support services to energy sector, will Wednesday list on the Qatar Stock Exchange's venture market (QEVM).
With this listing, the number of companies listed on QSE’s junior bourse will increase to two.
Al-Mahhar Holding, whose capital base stands at 207mn shares, will be listed through direct listing without offering shares for public subscription.
The shares will be listed with the symbol "MHAR". The reference price for the share has been set at QR2 (QR1 nominal value + QR1 issuance premium) based on the documents submitted by the company.
On the first day of listing, the company’s price will be floated, while from the second day, the price will be allowed to fluctuate by 10%, up or down, as is the case for other companies listed on the market.
Companies applying for listing in the venture market are required to have at least 20 non-founding shareholders, who own no less than 10% of the company's capital upon listing.
The founders will also be allowed to sell and trade no more than 30% of their shares in the company’s capital upon listing, provided that they retain 60% of their shares in the company’s capital.
Al-Mahhar Holding Company has been operating in the Qatari market since 1989 through its wholly owned subsidiary, (Petrotec Group) to enhance the level of support provided to the energy sector.
The group is assessing the feasibility of expanding in the medium term into manufacturing, assembly, as well as system integration of certain products and equipment related to the energy sector in-house in Qatar, according to its prospectus filed with the QSE.
The group, which believes that QatarEnergy’s ongoing localisation programme (Tawteen) is a major driver for these opportunities, finds opportunities to expand its portfolio of products and services relating to the energy sector in Qatar and is analysing the whole value chain (upstream, midstream, and downstream).
The company’s major revenue sources come from the sale of equipment and products under agency agreements representing various OEMs in Qatar and from the provision of industrial specialised services provided by the portfolio entities. Other sources of revenue include equipment rental and design and assembly of electrical switchgear.
Energy sector contributed 78.2% to the group’s total revenue in 2021. Revenue from sale of goods constituted 69% to 71% to the group’s kitty, while those from services and rentals mad up the remainder.