Qatar Petroleum has set December 31, 2018 as the distribution date of Mesaieed Petrochemical Holding Company's (MPHC) free incentive shares to investors.
This comes after QP announced in 2013 that it would offer “incentive” shares to nationals who subscribed to the IPO in 2018 and 2023, provided they retain at least 50% of their shares purchased in the offering at all times.
The free shares will be awarded at the end of trading day at the Qatar Stock Exchange to qualified investors who meet the distribution conditions, and will constitute 50% of the allotted shares at the time of the maiden offer and according to the IPO prospectus.
"The second set of free incentive shares will be distributed to investors on December 31, 2023," the company said in a regulatory filing with the bourse.
The distribution of the free shares comes as part of QP’s efforts to strengthen the foundations of investment and the long-term savings culture for Qatari citizens. In doing so, it has committed to giving every Qatari individual investor, one free share for every allotted share conditional to keeping at least 50% of the allotted shares until the date of free shares distribution.
The free incentive shares, which are ordinary shares that have equal rights with capital shares, will be allotted from the hydrocarbon bellwether’s share, and will not entail any change in the company’s capital structure.
MPHC had offered 323.19mn shares at QR10.2 per piece through an IPO in 2013. The maiden offer was oversubscribed by five times.
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