Qatar Petroleum announced the successful closure of the Initial Public Offering (IPO) of shares representing 49% of the issued share capital of Qatar Aluminium Manufacturing Company QPSC (QAMCO).
The offering comprised a total of 273,425,880 ordinary shares, all of which were subscribed for during the IPO subscription period, which ran from 30 October until 12 November.
Saad Sherida Al Kaabi, the Minister of State for Energy Affairs and also the President and CEO of Qatar Petroleum, said that the IPO followed the directive of the Amir, HH Sheikh Tamim bin Hamad Al Thani, to encourage a strong investment climate and a long-term ‘savings culture’ for Qatari citizens. The successful subscription of the IPO reflects the strength of Qatar’s economy, and the confidence in the state’s economic policies pursued under Qatar National Vision 2030 which support the development of Qatar stock market.
The IPO was oversubscribed 2.5 times the amount of shares offered to individual investors. Allocation of Shares is expected to be finalised and announced on 25 November and any refunds to shareholders will be made on the same date. Individual applicants will be advised of their subscriptions via SMS. The shares will be traded on Qatar Exchange this December 2018.
For additional information about QAMCO or QAMCO IPO, visit their website at qamco.com.qa. You can also follow QAMCO (@qamco_qa) on Twitter and Instagram.