Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar- Mesaieed Petrochemical shares to go on sale  Join our daily free Newsletter

MENAFN - Arab News - 23/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Mesaieed Petrochemical Holding Co, a unit of Qatar Petroleum, will conduct a 3.2 billion-riyal (880 million) initial public offering of its shares in the local market next month, officials said.

It would be the first IPO since 2010 in Qatar's stock market, after the global financial crisis froze issuance.

Authorities want to revive IPOs as a way to develop Qatar, the world's top exporter of liquefied natural gas, into a regional financial hub.

The government also aims to use IPOs to spread more of its energy wealth among its citizens.

"We encourage citizens to take part in this investment and also to await other opportunities in the pipeline," Energy and Industry Minister Mohammed Saleh Al-Sada told a news conference.

Qatar plans to conduct IPOs worth 50 billion riyals in its stock market over the next 10 years, he said. The tiny country has a population of about 2.1 million, roughly 250,000 of whom are local citizens.

The Mesaieed Petrochemical offer, open only to Qatari citizens, will be conducted between Dec. 31 and Jan. 21. Trading in the shares is expected to start in February, Finance Minister Ali Shareef Al-Emadi said.

The offer price of the shares will be 10 riyals each, plus listing costs of 0.2 riyal per share; the IPO will comprise about 26 percent of the company.

The offer is likely to attract solid demand, considering the strong performance of the Qatar market, said Marwan Shurrab, a fund manager and head of trading at Vision Investments, a regional firm. The main stock index is up 24 percent year-to-date and near five-year highs. "We're expecting IPOs to come in 2014, which makes sense after Qatar's year-to-date performance," he said.

"Companies are well-positioned to capitalize from that. IPOs in Qatar and other regional markets will be the main focus in mid-2014."

Mesaieed Petrochemical holds stakes in ventures that manufacture polyethylene, caustic soda and other chemical products. Its partners in the ventures include Chevron Phillips Chemical Co.

The stakes held by Mesaieed Petrochemical generated total revenue of 4.3 billion riyals and net profit of 1.6 billion riyals in 2012, officials said.

The Qatari stock market, which has a capitalization of about 150 billion, is preparing for a new influx of foreign money next May, when international equity index compiler MSCI has said it will upgrade Qatar to emerging market from frontier market status.

New stock listings would help the market absorb the funds.

Emadi said foreigners would be allowed to buy a total of up to 15 percent of Mesaieed Petrochemical in the secondary market.

The government will buy 750 of the company's shares as a gift for each disadvantaged Qatari citizen - those receiving social insurance payments and people with special needs. Qatari citizens will be entitled to allocations of additional free shares in coming years if they keep the bulk of the Mesaieed Petrochemical shares that they buy in the IPO.

 


Arab News




  MENA News Headlines
 Aug 30 2015 - Lebanon- Calm restored downtown Beirut after arrestsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Calm was restored in downtown Beirut's Al-Shuhada Square and Riyadh Al-Solh Squares after protests were wrapped up and a number of arrests took place.Earlier on ...

 Aug 30 2015 - Sudanese Pres. receives Yemeni peerKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Sudanese President Omar Al-Bashir held summit talks with visiting Yemeni President Abd-Rabuh Mansur Hadi on a range of bilateral and regional issues of common ...

 Aug 30 2015 - Conf. of Engineers Without Borders - Kuwait opens SundayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Under auspices of His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, Engineers Without Borders (EWB) organizes 'decision 2015' conference, ...

 Aug 30 2015 - Kuwait's IICO to launch Eid Al-Adha projects worldwideKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The International Islamic Charitable Organization (IICO) is preparing to launch Eid Al-Adha oriented projects in some 62 states around the globe.IICO's Director ...

 Aug 30 2015 - USD up against Kuwaiti dinarKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) US dollar went up against the Kuwaiti dinar, trading at KD 0.302, however, the euro dropped to KD 0.337 on Sunday as compared to Thursday's trades, the Central ...

 Aug 30 2015 - Kuwait- Development of education "joint social responsibility" - Education MinistryKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Developing education in Kuwait is a responsibility that all sectors of society should partake in, said an official at the Education Ministry Sunday.Ministry ...

 Aug 30 2015 - Suicide bombing in Aleppo, Syria, kills ten peopleKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Ten people were killed while others were injured following a booby-trapped car explosion claimed by the so-called the Islamic State in Iraq and Levant (ISIL), in ...

 Aug 30 2015 - Algeria to cut spending by 9 percent in 2016MENAFN
(MENAFN) Algeria's government said it will cut spending by 9 percent in 2016, mainly due to the sharp drop in oil prices, as OPEC tries to counter the drop in energy revenues that account for 60 ...

 Aug 30 2015 - Kuwait- His Highness the Prime Minister receives outgoing Egyptian, Tunisian diplomatsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah received separately at Seif Palace Sunday Egyptian and Tunisian Ambassadors to Kuwait ...

 Aug 30 2015 - Saudi Red Sea Mall launched work on USD53.3m expansionMENAFN
(MENAFN) Jeddah's biggest shopping center, The Red Sea Mall, announced that it is starting its largest expansion project with a value of USD53.3 million, allocated to expand buildings and to develop ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help