QP to Offer 49 Percent of Qatalum Shares for Public Subscription
Qatar Petroleum (QP) will be offering 49% of its shares in Qatalum for public subscription, following the directives of HH Sheikh Tamim bin Hamad Al Thani, the Emir of the State of Qatar, to offer Qatari nationals shares in state-sponsored companies that enjoy safe investment environment and lucrative returns.
This is an important step in implementing the goals of Qatar National Vision 2030, to develop a diverse and competitive national economy capable of securing a high standard of living for its citizens, part of the plan to increase the participation of the private sector in economic activity, and supporting an investment climate capable of attracting capital: all these are important economic objectives of Qatar National Vision 2030.
It is expected that the necessary procedures and approvals will be taken for listing on the Qatar Exchange during the last quarter of this year. QP will also establish a holding company that will acquire their stake in Qatalum.
Qatalum, jointly owned by Norwegian company Hydro, is one of the most successful joint ventures of QP, with a total revenue of 5.1 billion Qatari Riyals and a net profit of 660 million Qatari Riyals in 2017.
The company produces about 645,000 tonnes per year of high quality aluminium to customers in Asia, Europe and the United States. Its facilities include a carbon plant, port and storage facilities, as well as a gas-fired power plant.
Qatalum’s state-of-the-art cast house products are value-added extrusion ingots and foundry alloys that meet the stringent quality standards of its global customer base. Its products are used in a variety of industries – automotive, construction, engineering and in the manufacture of consumer goods. Qatalum uses the HAL275 system, an environmentally-friendly, energy-efficient technology.
For more information about Qatalum, visit their website at qatalum.com.