Doha Bank offers 100% finance option for QP’s IPO subscribers …

Doha Bank will offer up to 100% finance option for Mesaieed Petrochemical Holding Company IPO subscribers and their families, the bank said yesterday.
The IPO will be open for subscriptions until January 21 and subscribers can seek up to 100% finance for the subscription amount from Doha Bank, subject to terms and conditions.
The IPO is only open within Qatar to Qataris and selected Qatari institutions. In addition, adult family members and legal guardians can apply to subscribe for shares on behalf of their children and minors.
Doha Bank is one of the receiving banks for the IPO and will receive subscriptions from both existing customers and non-customers at all of its branches in Qatar.
A Doha Bank official said: “The IPO of Mesaieed Petrochemical Holding Company is an opportunity to enter a very important segment of Qatar’s market. Doha Bank will be supporting the aspirations of our people to participate in this IPO, including not just the investors of today but also future generations, by providing a full range of IPO finance options for all adult Qatari investors as well as minors through their nominated guardians or legal representatives as per the eligibility and terms and conditions of the IPO prospectus.”
MPHC has been established by Qatar Petroleum to combine its interests in three of its successful ventures in the petrochemical industry: Qatar Chemical Company Ltd (Q-Chem I), Qatar Chemical Company II Ltd (Q-Chem II), and Qatar Vinyl Company (QVC).
Doha Bank Group CEO, Dr R Seetharaman said: “The intrinsic strength of Qatar’s petrochemicals sector, in which Q-Chem I, Q-Chem II and QVC are major players, and the global spotlight in which Qatar’s booming petrochemicals sector thrives, encourages high confidence. Doha Bank has already recorded significant interest in the IPO and supported by strong financial support, the bank expects more subscribers to come in through the doors before the end of the subscription period. It has dedicated staff and resources in anticipation of continuing demand across the Doha Bank domestic network, supporting both the subscription application process and staff to advise on financial solutions.”
The price per share is QR10 besides offering and listing costs of Dh20 per share (total of QR10.20 per share). The offering represents 25.725% of the issued share capital of the company. Source: Gulf Times

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