Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar Petroleum unit plans IPO in January  Join our daily free Newsletter

MENAFN - Arab Times - 23/12/2013

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab Times) Mesaieed Petrochemical Holding Co, a unit of state-owned energy giant 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 on Sunday. 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. For political reasons, 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.

Conduct

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 capitalise 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 the US company 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 capitalisation 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.

 






  MENA News Headlines
Apr 24 2014Kuwait inflation edges up 2.96% y/y in March ,Arab Times
(MENAFN - Arab Times) Wait city april 23 (kuna): kuwait's annual record of the general index of consumer prices (inflation) rose in march by 2.96 percent compared with the same month of last year ...

Apr 24 2014Tim Hortons opens at Dubai Chamber ,Khaleej Times
(MENAFN - Khaleej Times) Tim hortons recently celebrated the opening of its newest cafe and bake shop restaurant at the dubai chamber of commerce and industry by the dubai creek. hamad buamim ...

Apr 24 2014Abu Dhabi investment zones home prices jump 20% in Q1 ,Khaleej Times
(MENAFN - Khaleej Times) 2100 residential units were delivered to the market: adib report homes prices in abu dhabi’s investment zones rose up to 20 per cent in the first quarter of ...

Apr 24 2014How well do you know Macklemore & Ryan Lewis? ,Khaleej Times
(MENAFN - Khaleej Times) One of 2013?s most successful acts worldwide hip-hop pair macklemore & ryan lewis are back with a bang for their abu dhabi concert on friday ...

Apr 24 2014UAE- Banks asked to submit customers' credit data ,Khaleej Times
(MENAFN - Khaleej Times) Al etihad credit bureau has asked the banking and financial institutions to submit their customers? credit data for the past two years. the bureau’s board of ...

Apr 24 2014FM holds luncheon for Qatari counterpart ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) First Deputy Prime Minister and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah held Wednesday a luncheon for visiting Qatari Foreign Minister Dr. Khaled ...

Apr 24 2014Kuwaiti wins Arab sports body post ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A Kuwaiti sports figure has been elected deputy chairman of the technical committee of the Arab Athletics Federation. Fahad Thamer, a member of the technical ...

Apr 24 2014UNSC welcomes progress in eliminating Syria's CW, mulls investigating chlorine gas attacks near Hama ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Security Council on Wednesday welcomed the progress achieved so far by the UN and the Organisation for the Prohibition of Chemical Weapons (OPCW) Joint ...

Apr 24 2014UN Chief: All Parties in Syria Blocking Aid ,Qatar News Agency
(MENAFN - Qatar News Agency) w York April 24 - The UN Secretary General Ban Ki-moon has accused all parties in Syria's civil war of "flagrant violations" of international law over the delivery of ...

Apr 24 2014Dubai Holding to repay USD319 m debt ,MENAFN
(MENAFN) Dubai Holding Commercial Operations Group (DHCOG), a unit of Dubai Holding, plans to repay USD319.3 million debt next month, 18 months earlier than the debt is due, according to the Emirates ...

Apr 24 2014UAE- Investcorp continues expansion ,Khaleej Times
(MENAFN - Khaleej Times) Investcorp a global provider and manager of alternative investment products announced that it has opened a new representative office in abu dhabi. the office is situated ...

Apr 24 2014Kuwait- Information Minister discusses media cooperation with Qatar ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Minister of Information and Minister of State for Youth Affairs Sheikh Salman Sabah Salem Al-Sabah discussed on Wednesday with Qatar Media Foundation President ...

Apr 24 2014US DoD to send military equipment to Australia and Egypt ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The US Department of Defense (DoD) announced Wednesday plans to sell a F-35 Lightning II joint strike fighter plane to Australia and added they will also deliver ...

Apr 24 2014Al Attiyah leads Qatar field Barreda outshines Coma ,The Peninsula
(MENAFN - The Peninsula) Qatar's Nasser Saleh Al Attiyah, Spaniard Joan Barreda and home hope Mohammed Abu Issa stole the limelight by setting the fastest times in the third 411.76km selective ...

Apr 24 2014Yemen- Anti-govt protest ,The Peninsula
(MENAFN - The Peninsula) Anti-government protesters carry a defamed poster of Yemen's Finance Minister Sakhr Al Wajeeh during a demonstration to demand his resignation, in the capital Sana'a ...

Apr 24 2014UAE- Al Maabar hands over 60% units at Moroccan project ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi-based real estate developer al maabar said that 60 per cent of the residential units of phase one at its moroccan bab al bahr project have been delivered to its ...

Apr 24 2014Dubai Investments raises foreign ownership cap to 35% ,Khaleej Times
(MENAFN - Khaleej Times) Dubai investments (di) the largest investment company listed on the dubai financial market (dfm) has raised the foreign ownership limit in the company from the existing 20 ...

Apr 24 2014UAE- UPC issues guidelines on underground utilities installations ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi has come up with new guidelines for the installation of underground utilities which will also help in cutting costs. the new guidelines would benefit ...

Apr 24 2014SMEs play crucial role in boosting Dubai's growth ,Khaleej Times
(MENAFN - Khaleej Times) Pinsent dec and zawya recommend relaxing lending rules more could be done to enable small and medium-sized businesses to get the finance they need to grow and boost ...

Apr 24 2014Qatar- Al Hammali bags THIMUN Northweswtern best film award ,The Peninsula
(MENAFN - The Peninsula) A heart-wrenching portrayal of the lives of carriers in Qatar's souqs, Amal Al Muftah's Al Hammali, was winner of the THIMUN Qatar Northwestern Film Festival's award for Best ...

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
Marketwatch News
UPI News
Comtex News

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