Quotes: US 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
 Nov 1 2014 - Saudi- Trooper ambush suspect in court after long manhuntArab News
(MENAFN - Arab News) MILFORD Pennsylvania: Onlookers shouted 'Are you sorry' and 'Why did you do it' as state troopers led a suspect in a fatal police barracks ambush from his first court appearance ...

 Nov 1 2014 - Saudi- US judge rejects Ebola quarantine for nurseArab News
(MENAFN - Arab News) FORT KENT: A nurse who defied an Ebola quarantine in the state of Maine after treating patients in West Africa can travel unrestricted after a judge rejected the state's bid to ...

 Nov 1 2014 - Bombs at marketplaces near Baghdad kill 9 peopleArab News
(MENAFN - Arab News) BAGHDAD: Iraqi officials say bombs have struck marketplaces near Baghdad killing at least nine people.One bomb went off at a sheep market in the Iraqi capital's western suburb of ...

 Nov 1 2014 - Only men over 50 pray at Aqsa mosque amid tight securityArab News
(MENAFN - Arab News) JERUSALEM: Muslim men over 50 prayed at the Aqsa mosque in Jerusalem's Old City on Friday amid intense security a day after Israel closed all access to the sacred compound for ...

 Nov 1 2014 - Airstrikes hit Kobani ahead of entry by Kurdish forcesArab News
(MENAFN - Arab News) SURUC Turkey: US-led airstrikes hit Islamic State positions around the Syrian border town of Kobani on Friday in an apparent bid to pave the way for heavily-armed Kurdish ...

 Nov 1 2014 - Saudi- Mindshare celebrates 15th anniversaryArab News
(MENAFN - Arab News) Mindshare which is part of WPP is a global media agency network helping clients to make collaborative and adaptive decisions across their paid owned and earned marketing in ...

 Nov 1 2014 - MoH opens two women's health screening clinics at Riyadh mallsArab News
(MENAFN - Arab News) The Ministry of Health (MoH) is marking Breast Cancer Awareness Month in October with the launch of two new women's health screening clinics in Al Hayat Mall and Panorama Mall in ...

 Nov 1 2014 - Saudi- SABIC resin makes success in making windows for ultra-lightweight electric carArab News
(MENAFN - Arab News) A Saudi Basic Industries Corporation (SABIC)-made resin has been successfully used in making the windows of a new ultra-lightweight electric car concept developed by BMW-led ...

 Nov 1 2014 - Saudi- Johnson Window Films releases new window productsArab News
(MENAFN - Arab News) Recently Johnson Window Films began sales of new improved versions of energy-saving window film for both cars and buildings with solar control and heat insulation properties.The ...

 Nov 1 2014 - Etihad Airways to operate third daily Mumbai New Delhi flightsArab News
(MENAFN - Arab News) Etihad Airways the national airline of the UAE has announced that Mumbai and New Delhi will become its first destinations in India to be served with triple-daily flights ...

more...


 






Google

 
 

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help