Qamco listing to further boost confidence in Qatar's capital market
December 16 2018 09:10 PM
HE al-Kaabi rings the customary bell to announce the advent of Qamco on the QSE; also seen are al-Ma
HE al-Kaabi rings the customary bell to announce the advent of Qamco on the QSE; also seen are al-Mansoori and Qamco chairman Abdulrahman Ahmad al-Shaibi. PICTURE: Thajuddin

Doha on Sunday witnessed Qatar Aluminium Manufacturing Company (Qamco) make its debut on the Qatar Stock Exchange (QSE) with a big bang. The Qatar Petroleum (QP) subsidiary, 46th constituent on the bourse, is slated to substantially lift the confidence in the country's capital market.

The company, whose QR2.73bn initial public offering saw 2.5 times oversubscription, saw its scrips close more than 30% higher than the face value of QR10, although it touched as high as QR18.9, an about 90% jump from its maiden offer price. Its stocks constituted about 78% of total volumes on the QSE.

HE the Minister of State for Energy Affairs and Qatar Petroleum (QP) president and chief executive Saad Sherida al-Kaabi rang the customary bell highlighting the advent of Qamco on the bourse in the presence of QSE chief executive Rashid bin Ali al-Mansoori as well as other senior officials and dignitaries.

The opening price at the beginning of trading was set at QR18. The stock then took a bullish trend to reach QR18.90 and then closed at QR13.01. A total of 23.21mn Qamco shares valued at QR323.81mn traded across 21,447 transactions.

"This investment opportunity has given Qataris a valuable opportunity to participate in the success of one of the region's largest and most competitive aluminium producers, and one of Qatar's most successful projects in the manufacturing sector. Thus, the listing of Qamco shares will provide an opportunity for citizens to benefit from the investment opportunities and diversity offered by the QSE," al-Kaabi said.

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.

"This is very important listing and it is coming from QP, an important organisation for the Qatari economy. This will give more confidence to the market, which is the best performer in the world this year," al-Mansoori told Gulf Times on the sidelines of the listing event.

He said the listing of Qamco will increase exchange depth as well as brings new opportunities and additional choice to the investing public.

"The listing (of Qamco) is an important step in the implementation of the Qatar’s National Vision, and another step in achieving economic diversification and providing a real opportunity to all citizens to benefit directly from economic growth and the boom in the industrial sector," al-Mansoori said.

In its 2013 strategy, QP had said it was contemplating a series of IPOs for its subsidiaries over the next 10 years.

Markets experts believe there could be knee-jerk reaction on the initial days (of listing) before Qamco shares stabilise; but much would depend on the conditions prevailing then.



There are no comments.

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