Doha Bank has announced the launch of a financing facility for Qatari nationals to subscribe to Baladna Food Industries’ (BFI) initial public offering (IPO), delivering on its commitment to catering to the varying needs of its customers.
As one of the receiving banks for the forthcoming IPO subscription, Doha Bank will offer up to 65% finance to all Qataris and their first degree relatives (spouse, father, mother, and children) who would like to invest in Baladna Company.
The IPO will be open for subscriptions from Sunday to November 7, 2019. Doha Bank’s existing customers and non-customers, as well as corporate companies with valid CR can subscribe through the exclusive IPO centre located on the first floor of Doha Bank Head Office Tower along Corniche Street or any of the bank’s branches in the country. For IPO financing, customers can apply through branches only until November 5, 2019.
Dr R Seetharaman, Group CEO of Doha Bank, said: “With its rapid growth since the imposition of a blockade on Qatar by its neighbours, Baladna has helped the country achieve self-sufficiency in dairy products driving forward the Qatar National Food Security Programme.
“As the company is set to launch an initial public offering, Doha Bank is honoured to help Qataris to be a part of this tremendously successful story by extending financial support for the subscription of the company’s shares. This finance product represents our commitment to connecting our customers to their passions and helping realise their financial goals.”
Subscribers can purchase a minimum of 500 shares and a maximum of 475,250,000 shares at a nominal value QR1 per offered share and an issuance fee of QR0.01 per offered share. Doha Bank will offer finance on a minimum purchase of 5,000 shares per customer.
Doha Bank will not charge interest on the amounts owed by the borrower to the bank as of the date of the loan and up to the date of allotment of shares and refunding of the redundant subscription amounts.