Qatar Petroleum (QP) announced the successful closure of the Initial Public Offering (IPO) of shares representing 49% of the issued share capital of Qatar Aluminium Manufacturing Company Q.P.S.C (QAMCO).
The Offering comprised a total of 273,425,880 ordinary Shares, all of which were subscribed for during the IPO subscription period, which ran from Tuesday, 30 October 2018 until the close of business on Monday, 12 November 2018.
HE Minister of State for Energy Affairs, President and CEO of Qatar Petroleum Saad bin Sherida Al Kaabi said: ‘This IPO followed the directive of HH the Amir Sheikh Tamim bin Hamad Al-Thani, to encourage a strong investment climate and a long-term savings culture for Qatari citizens.’
‘The successful subscription of the IPO reflects the strength of Qatar's economy, and the confidence in the State's economic policies pursued under the Qatar National Vision 2030 which support the development of Qatar stock market,’ HE added.
The IPO was oversubscribed 2.5 times the amount of shares offered to individual investors. Allocation of Shares is expected to be finalized and announced on Sunday 25 November 2018, and any refunds to shareholders will be made on the same date. Individual applicants will be advised of their subscriptions via SMS. The Shares are planned to be traded on the Qatar Exchange in December 2018. (QNA)
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