Quotes: 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.

 


Arab Times




  MENA News Headlines
 Nov 24 2014 - Oman Oil subsidiaries sign USD44.15m deals with SMEsMENAFN
(MENAFN) Oman Oil Company's (OOC) said that its subsidiaries and affiliates have signed 35 contracts with local Small and Medium Enterprises (SMEs), with an estimated worth of USD44.15 million, Times ...

 Nov 24 2014 - Kuwait's exports of crude oil to China hit 27.8 percent growth in OctMENAFN
(MENAFN) Kuwait's crude oil exports to China grew 27.8 percent in October from a year earlier to 986,000 tons, equivalent to around 233,000 barrels per day (bpd), data showed, QNA reported.Kuwait's ...

 Nov 24 2014 - GCC petrochemical revenue hits USD89.4b In 2013MENAFN
(MENAFN) According to the Gulf Petrochemicals & Chemicals Association (GPCA), GCC's petrochemical industry posted USD89.4 billion in revenue in 2013, increasing by USD6 billion compared with 2012's ...

 Nov 24 2014 - Oman considers spending cuts, raising taxMENAFN
(MENAFN) Oman's government is reportedly considering spending cuts and raising taxes, including the tax on liquefied natural gas exports, as the Gulf country attempts to deal with the drop in its ...

 Nov 24 2014 - Qatar's Rolls Royce sales up 37 percent in Q3MENAFN
According to Rolls Royce, Qatar has become the fastest growing market for the car manufacturer in the Middle East, after it has registered an increase by 37 percent in sales during the July-September ...

 Nov 24 2014 - Saudi quarry production to reach 327m in 2014MENAFN
(MENAFN) The GCC construction sector has been steadily growing for the last two decades led by the United Arab Emirates (UAE) and Saudi Arabia, which resulted in Saudi deciding to increase its quarry ...

 Nov 24 2014 - Kuwait- Govt eyes hi-tech approach to resolve traffic problemsArab Times
(MENAFN - Arab Times) KUWAIT CITY Nov 23 (KUNA): Assistant Undersecretary for Traffic Affairs Major General Abdullah Mhanna said Sunday that the Ministry is keen on using the most sophisticated means ...

 Nov 24 2014 - Kuwait- Social Affairs undersecretaries meeting successful and fruitfulArab Times
(MENAFN - Arab Times) KUWAIT CITY Nov 23 (KUNA): A senior Kuwaiti official has lauded the justconcluded meeting of undersecretaries of the GCC ministries of social affairs and labor as 'successful ...

 Nov 24 2014 - UAE- Telangana CM identifies 40 spots for skyscrapersKhaleej Times
(MENAFN - Khaleej Times) World's tallest tower planned around picturesque Hussain Sagar in Hyderabad. Chief Minister K. Chandrasekhar Rao. Hyderabad: The Telengana government is all set to forge ...

 Nov 24 2014 - Grammers daughter is Miss Golden GlobeKhaleej Times
(MENAFN - Khaleej Times) Kelsey Grammers daughter Greer is the new Miss Golden Globe. Hollywood Foreign Press Association President Theo Kingma made the announcement last Thursday night at a party ...

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