Qatar Petroleum (QP) announced a forthcoming Initial Public Offering (IPO) of shares representing 49% of the issued share capital of Qatar Aluminium Manufacturing Company QPSC or ‘QAMCO’, a Qatari public joint stock company under incorporation in the State of Qatar.

QAMCO is set to own 50% of the total issued capital of Qatar Aluminium Limited QSC ‘Qatalum’, a joint venture founded by QP and the Norwegian company, Hydro. QP has authorised the transfer of its entire 50% stake in Qatalum to QAMCO. They will retain a 51% shareholding and offer 49% of QAMCO’s issued shares in the IPO.

QP is the sole founder of QAMCO, which has a proposed issued share capital of QAR5,580,120,000, approximately US $1.5 billion, divided into 558,011,999 ordinary shares, and one special share with nominal value of QAR10 each. QP is offering 273,425,880 Ordinary Shares of QAMCO. The offered shares will be offered at QAR10.1, which includes the nominal value per share of QAR10, plus offering and listing costs of QAR0.1 per share.

The offered shares representing 49% of the total issued share capital will be offered to Qatari citizens only, while 5% will be dedicated to the civil and military pension funds. The subscription period will be open for two weeks starting on 30 October and ending at the end of business day on 12 November.

Shares are expected to be traded on Qatar Stock Exchange by mid-December after obtaining all remaining regulatory approvals. No Qatari and international investors can buy shares in the secondary market post listing. Noting that the shares are Sharia’a compliant.

Saad Sherida Al Kaabi, President and CEO of QP, said in a press conference, that the IPO represents a new and important investment opportunity for Qatari nationals. He said that the QAMCO IPO is a new milestone event in the history of initial public offerings in Qatar, which will give Qatari citizens the opportunity to share in the rewarding returns generated by Qatar Aluminium through an IPO.

Al Kaabi reviewed the details of the IPO and the unique investment opportunity for Qatari citizens in state companies, and the importance of cultivating long term investing culture. He expressed thanks and gratitude to HH the Amir, Sheikh Tamim bin Hamad Al Thani, for his vison and wise leadership, and his support for all efforts and initiatives that aim to enhance and develop the country’s economy.

QAMCO IPO is anticipated to be significant for Qatar, as it aims to achieve Qatar’s economic vision by delivering greater privatisation and support to capital markets. The listing will also diversify the investment opportunities in Qatar Exchange.

For updates and more information about QAMCO, visit qp.com.qa.