Doha: Qatar Petroleum announced that it has completed the distribution of the first tranche of free incentive shares to eligible shareholders of Mesaieed Petrochemical Holding Company (MPHC) who have fulfilled eligibility conditions as at the close of trading in Qatar Stock Exchange on Monday (December 31, 2018).
The distributed shares are equivalent to 50 percent of those allotted to shareholders at the time of the MPHC initial public offering (IPO). It comes in accordance with the mechanisms set forth in the MPHC IPO Prospectus, and in line with Qatar Petroleum’s announcement when the shares of MPHC were issued for subscription in December 2013.
The free shares’ dividends declared for 2018 will be distributed to the registered shareholders on the day of convening the company’s ordinary general assembly meeting, which will approve the dividend distribution.
Qatar Petroleum wishes to remind MPHC’s shareholders that distribution of the second set of free incentive shares will take place on December 31, 2023. The shares will be distributed to eligible shareholders who meet the distribution conditions of keeping 50% of the allotted shares at the time of the IPO and according to the mechanisms set forth in the Company’s IPO Prospectus.
The free incentive shares are ordinary shares that have equal rights with capital shares. This distribution will not add to or change the share capital of the Company as of the distribution has decreased Qatar Petroleum’s shareholding in MPHC by 8.7 percent from 74.2 percent to 65.5 percent.
The distribution of the free incentive shares comes as part of Qatar Petroleum’s commitment to ensure its alignment with the values of Qatar National Vision 2030 and its efforts to strengthen the principles of investment and long-term savings culture for Qatari nationals.
It also comes in support of Qatar Petroleum’s efforts to ensure the participation of Qatari nationals in its successful projects, as well as to support Qatar Stock Exchange which, in turn, reflects on Qatar’s economy.
