Doha Bank records ‘significant’ interest in QR2.73bn Qamco IPO subscriptions

Doha Bank

Doha Bank will receive subscriptions to Quamco from both existing customers and non-customers at all of its branches in Qatar

Doha Bank has already recorded “significant” interest from eligible Qataris in the QR2.73bn initial public offering (IPO) of Qatar Aluminium Manufacturing Company (Qamco). “The bank expects more subscribers to come in through the doors before the end of the subscription period,” Doha Bank group chief executive Dr R Seetharaman said. The IPO opened for subscriptions yesterday and will run until November 12, 2018.

Doha Bank is offering up to 65% finance to all Qataris and eligible Qatari members of the family subscribing to shares in the Qamco IPO. “We have provided 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,” he said. The IPO subscribers can seek up to 65% finance for the subscription amount from Doha Bank until November 11, 2018, and is subject to the bank’s terms and conditions.

The IPO is only open within Qatar to Qatari nationals 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. Highlighting that the IPO is an opportunity to enter a very important segment of Qatar’s market, Doha Bank said it will be supporting the aspirations of people to participate in this maiden offer, including not just the investors of today but also future generations. The bank will provide 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.

“The intrinsic strength of Qatar’s aluminium sector, in which Qatar Petroleum (QP) and Hydro Aluminium of Norway are major players and expert leaders in this dynamic field, and the global spotlight in which Qatar’s booming aluminium sector thrives, encourage us in Doha Bank to support all projects in this vital and distinct sector,” Seetharaman said. The subscription must be a minimum of 50 shares and maximum 11.16mn shares with the offering representing 49% of the issued share capital of the company. However, only one subscription application will be accepted per person and no fractional shares will be allocated. QP is the sole founder of Qamco, which has a proposed issued share capital of QR5.58bn of 558.01mn ordinary shares and one special share with nominal value of QR10 each. QP is offering 273.43mn shares of Qamco at QR10.1 (including the listing costs of 10 dirhams).

Sources and photo-credits: Gulf Times