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 29 2014 - Emirates to fly A380 to 3 European, US routesMENAFN
(MENAFN) Emirates Airlines announced that it is placing the Airbus A380 onto three of its routes into the US and Europe as of next week, Gulf News reported.Emirates' existing daily Dubai to San ...

 Nov 29 2014 - Abu Dhabi Airport handles 1.68m passengers in OctoberMENAFN
(MENAFN) The number of passengers travelling through Abu Dhabi International Airport increased 17.4 percent to 1.68 million in October over a year earlier, Gulf News reported.The latest data released ...

 Nov 29 2014 - Lebanese 'giant of poetry' Said Aql dead at 102The Peninsula
(MENAFN - The Peninsula) Lebanese poet Said Aql, whose work was loved by Arab readers but who hated Arabism so much that he invented a latinised version of the Lebanese dialect, died yesterday aged ...

 Nov 29 2014 - Qatar- FIA Prize-giving ceremony to be held in new formatThe Peninsula
(MENAFN - The Peninsula) The prestigious annual FIA Prize-giving ceremony, which honours the achievements of all FIA champions over the past season, will be held here on December 5. This year's ...

 Nov 29 2014 - US- Eagles, Seahawks, Lions dominate on ThanksgivingThe Peninsula
(MENAFN - The Peninsula) Mark Sanchez threw for one touchdown and ran for another and the Philadelphia Eagles seized sole possession of first place with a 33-10 rout of the Dallas Cowboys on ...

 Nov 29 2014 - Tunisia- Anti-Israel protestThe Peninsula
(MENAFN - The Peninsula) Tunisian protesters burn Israeli flag during a rally to show their solidarity with Palestinians, in Tunis, yesterday. ...

 Nov 29 2014 - Bahrian- Show of solidarityThe Peninsula
(MENAFN - The Peninsula) Leading Shia clergyman Seyyed Mohammed AlGuraifi addressing crowds at an event expressing solidarity with Ayatollah Sheikh Isa Qassim (not pictured), Bahrain's top Shia ...

 Nov 29 2014 - Egypt crackdown adds to Gaza woesThe Peninsula
(MENAFN - The Peninsula) Already struggling under the weight of an Israeli blockade, Gazans are now feeling the effects of an Egyptian exclusion zone along their shared border that has sent prices ...

 Nov 29 2014 - Qatar- School celebrates Annual DayThe Peninsula
(MENAFN - The Peninsula) K C Abdul Latheef (left), President, Managing Committee, Shantiniketan Indian School, presents a memento to Dr Abdul Salam Ahmed, Managing Director, Media One, in the ...

 Nov 29 2014 - Qatar- Seasonal yards reopen on ThursdayThe Peninsula
(MENAFN - The Peninsula) Fresh vegetables will be available at prices 40 to 50 percent less than the market rates at the seasonal yards.The yards will sell vegetables, fruit, chicken, fish and ...

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