Baladna, a Qatari public shareholding company under incorporation, on Saturday said strategic shares of its initial public offering, comprising 437.2mn of the offer shares, equivalent to 23% of the entire share capital of the Company, have been allocated to five strategic investors.
They are General Retirement and Social Insurance Authority (GRSIA) – 190,100,000 (number of shares) and 10% (percentage shareholding), Hassad Food Company (95,050,000 – 5%), Al Meera Consumer Goods (76,040,000 – 4%), Qatar Ports Management Company (Mwani Qatar – 38,020,000 – 2%) and Widam Food Company (38,020,000 – 2%)
“These commitments have been made by leading Qatari institutions, some of which are public entities, reflecting significant confidence in the company and its importance to Qatar’s economy and food security,” Baladna said on Saturday.
The strategic investors represent the length of the food security value chain, from international investments to ports and logistics, the import and processing of meats, and finally supermarket stores. Amongst these strategic investors, representatives from Hassad Food and GRSIA will join the board of directors of Baladna following their appointments at the Constitutive General Assembly on November 26.
Dr Kamel Abdallah, Group CEO, Baladna said, “This IPO is an opportunity for Qataris to share in Baladna’s success and future growth as Qatar’s largest dairy and beverage producer.
“We are pleased to see such a high calibre group of investors participate in Baladna’s IPO, with many bringing their valuable experience in the sector or via their instrumental roles in the Qatari food security programme to Baladna, such as Mohamed Badr al-Sada, who will join the Baladna board as vice chairman.”
“The proceeds will be used to strengthen Baladna’s balance sheet and help ensure its long-term success as it continues to expand its offering, fill proven gaps in the fresh dairy market and contribute to Qatar’s self-sufficiency as part of the 2030 Vision and the National Food Security Programme.”
The offer shares subscribed for by the strategic shareholders will have the same rights and obligations as the offer shares subscribed for by individual and corporate investors.
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