Qatar Petroleum announces the Qatar Aluminium Manufacturing Company IPO, and listing in December 2018
DOHA, Qatar • 22 October 2018 – Qatar Petroleum announced a forthcoming Initial Public Offering (IPO) of shares representing 49% of the issued share capital of Qatar Aluminium Manufacturing Company Q.P.S.C. "QAMCO", a Qatari public joint stock company under incorporation in the State of Qatar.
QAMCO is set to own 50% of the total issued capital of Qatar Aluminium Limited Q.S.C. “Qatalum”, which is a joint venture founded between Qatar Petroleum and the Norwegian company, Hydro. Qatar Petroleum has authorized the transfer of its entire 50% stake in Qatalum to QAMCO, and will retain a 51% shareholding and offer 49% of QAMCO’s issued shares in this IPO.
Qatar Petroleum is the sole founder of QAMCO, which has a proposed issued share capital of QAR 5,580,120,000, or approximately $1.5 billion, divided into 558,011,999 ordinary shares, and one special share with nominal value of QAR10 each. Qatar Petroleum is offering 273,425,880 Ordinary Shares of QAMCO.
The offer shares will be offered at QAR 10.1, which includes the nominal value per share of QAR 10, plus offering and listing costs of QAR 0.1 per share.
The offer shares representing 49% of the total issued share capital of the company will be offered to individual Qatari citizens only, while 5% will be dedicated to the civil and military pension funds. The subscription period will be open for two weeks starting on 30 October 2018 and ending at the end of business day 12 November 2018. Shares are expected to be traded on the Qatar Stock Exchange by mid-December after obtaining all remaining regulatory approvals. Non-Qatari and international investors can buy shares in the secondary market post listing. Noting that the shares are Sharia’a compliant.
Mr. Saad Sherida Al Kaabi, the President and CEO of Qatar Petroleum told a press conference held on this occasion that “this IPO represents a new and important investment opportunity to Qatari nationals”. He said “The QAMCO IPO is a new milestone event in the history of initial public offerings in Qatar, which will give Qatari citizens the opportunity to share in the rewarding returns generated by Qatar Aluminium through an IPO.”
Mr. Al-Kaabi reviewed the details of the IPO and the unique investment opportunity for Qatari citizens in state companies, and the importance of cultivating long term investing culture.
The President and CEO of Qatar Petroleum expressed thanks and gratitude to His Highness the Amir, Sheikh Tamim bin Hamad Al-Thani for his vison and wise leadership, and his support of all efforts and initiatives that aim to enhance and develop our national economy.
The QAMCO IPO is anticipated to be a significant IPO for Qatar, with the aim of achieving Qatar’s economic vision by delivering greater privatization and supporting capital markets. Moreover, the listing will further diversify the investment opportunities on the Qatar Exchange.
QAMCO’s value lies in Qatalum’s strength and its competitive advantage in a global market, in addition to a senior management who combine in-depth knowledge and extensive experience in the aluminium sector with excellence in operational and financial management.