(MENAFN - Qatar News Agency) HE Mohamed Bin Saleh Al Sada, Qatar's Minister of Energy and Industry, chairman of QP and of Mesaeed Petrochemical Holding Co MPHC, said on Monday that MPHC is the umbrella of three of the most successful Qatari petrochemical companies, namely QChem 1, QChem 2 as well as Qatar Vinyl Company Ltd.
At a news conference after announcing the launching of Initial Public Offering IPO for MPHC, he said that the company has been recently established and is wholly owned by QP
The company now owns 49% of QChem1 and Qchem2 and about 55% of Qatar Vinyl Company
MPHC's total assets in the three companies has realized revenues that totaled over 4 billion Qatari riyals in 2012
The company's objective is aimed at increasing the value of shareholders investments through increasing competitiveness, he said, referring to the strong industrial base of the three companies under its umbrella
The IPO announcement comes as the country is celebrating its national day, the minister added, noting that HH the Emir, Sheikh Tamim Bin Hamad Al Thani has given instructions to concerned authorities to carry out the IPO.