Qamco shares to start trading on the QSE from December 16
December 06 2018 09:56 PM
RELATED STORIES
local
local

Qatar Aluminium Manufacturing Company (Qamco), whose QR2.73bn initial public offering (IPO) recently concluded with a 2.5 times oversubscription, will start trading on the Qatar Stock Exchange (QSE) from December 16 (Sunday), thus taking the total number of listed entities to 46.
The decision to list Qamco on the QSE is based on the approval of the Qatar Financial Markets Authority after the company has fulfilled all necessary administrative and technical requirements.
Highlighting that the Qamco will be listed within the industrial sector with a symbol QAMC; a QSE spokesman said as usual, price floatation will be permitted only for the first day of listing but from the subsequent days price fluctuation will be 10% up/down as is the case with other listed companies. The industrial sector will thus have 10 constituents.
“On the first day of trading, the standard procedures of IPOs will apply. Brokerage companies will be permitted to enter any buy/sell orders for Qamco shares in the pre-open session at 8:45 am for the listing morning day only,” the spokesman said, adding the pre-opening session for all other listed companies will remain as business usual at 9.00am.
In preparation for trading the company’s shares, Qamco current shareholders’ data will be available to all brokerage firms effective Sunday, December 9 and shareholders will be able to refer to the brokerage firms directly to deliver sale and purchase orders.
Qamco was legally incorporated on December 3. The company’s authorised and issued capital amounts to QR5.6bn, which is 100% paid up.
The country’s hydrocarbon bellwether, Qatar Petroleum (QP), had offered 273.43mn shares of Qamco at QR10.1 (including the listing costs of 10 dirhams) and the IPO closed for subscription on November 12.
After the IPO, QP will have a 51% stake (in Qamco) and the balance 49% will stay with the public. Of the 49% IPO, as much as 44% or 245.53mn shares would be allotted for individuals and the remaining 5% or 27.9mn shares for select institutions.
Qamco will hold 50% stake in Qatalum, a joint venture between QP and Norwegian company Hydro. QP will transfer its entire 50% stake in Qatalum, QP’s successful downstream venture, to Qamco.
In its 2013 strategy, QP had said it was contemplating a series of IPOs for its subsidiaries over the next 10 years, after launching the maiden offer of Mesaieed Petrochemicals Holding Company.



There are no comments.

LEAVE A COMMENT Your email address will not be published. Required fields are marked*
MORE NEWS