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
 May 28 2016 - Pakistan predicts 10 percent hike in exports to UAEpakisMENAFN
(MENAFN) Pakistan is aiming at a 10 percent increase in exports to the UAE, which has touched USD3 billion in its last fiscal year 2014-15.The y-o-y joint trade capacity has climbed 11 percent to ...

 May 28 2016 - UAE crushes regional rivals as top business hubMENAFN
(MENAFN) Emirati growth in financial and business services, trade and logistics, and tourism activity, over the last couple of decades, has played an important role in fueling Dubai's emergence as a ...

 May 28 2016 - Egypt works hard to establish local car manufacturingMENAFN
(MENAFN) Egypt is qualified and well prepared for the establishment of a real automotive industry based on manufacturing, rather than assembly, as explained and stressed by the nation's Minister if ...

 May 28 2016 - Kuwait's index bounces 45.63 pts volume soarsArab Times
(MENAFN - Arab Times) Kuwait stocks swung higher on Wednesday, as sentiment brightened on rising oil prices and positive regional cues The bourse, after a tame start, jumped 45.63 points to 5368.25 ...

 May 28 2016 - KIPCO hosts 'Speed of Trust' seminar by CoveyArab Times
(MENAFN - Arab Times) The Kuwait Projects Company (KIPCO) hosted Stephen M.R. Covey on his first trip to Kuwait. Covey is a renowned keynote speaker and advisor on trust and leadership and the author ...

 May 28 2016 - Kuwait bourse indices post weekly gainArab Times
(MENAFN - Arab Times) The KSE Indices witnessed a positive week as the KSE price index closed with 5,396.67 an increase of 1.36% up 72.62 points compared to the previous week. As the MUDX remained ...

 May 28 2016 - Muslim mob attacks Christian homes in CairoArab Times
(MENAFN - Arab Times) An Egyptian appeals court has overturned five-year prison sentences for 47 people for participating in unauthorised protests, but upheld fines of more than $11,000 each, ...

 May 28 2016 - Dubai police patrol in luxuryArab Times
(MENAFN - Arab Times) Image is everything in Dubai € even when fighting crime. Police in this desert metropolis have built up a high-horsepower arsenal of luxury sports cars and SUVs over the years ...

 May 28 2016 - Coalition pounds DAESH in RaqaArab Times
(MENAFN - Arab Times) Warplanes from the US-led coalition have pounded the Islamic State group with at least 150 strikes to bolster a major offensive on the jihadists' Syrian stronghold of Raqa, a ...

 May 27 2016 - Qatar- Five key clashes in the Champions League finalThe Peninsula
(MENAFN - The Peninsula) The 2016 UEFA Champions League Final logo at the Piazza Duomo in Milan, Italy, on 26 May 2016. EPA/DANIEL DAL ZENNARO Madrid:Real Madrid face local rivals Atletico Madrid ...

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

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