H E Saad bin Sherida Al Kaabi (second left), Minister of State for Energy Affairs and President and CEO of Qatar Petroleum; Rashid bin Ali Al Mansoori (second right), Qatar Exchange CEO; and Abdulrahman Ahmad Al Shaibi (left), Chairman, Board of Directors
DOHA: The shares of Qatar Aluminium Manufacturing Company (Qamco) made its debut on Qatar Stock Exchange (QSE) yesterday. With the Qamco listing, the number of listed companies on the local bourse rose to 46.
The ceremony was attended by Minister of State for Energy Affairs and President and Chief Executive Officer of Qatar Petroleum H E Saad bin Sherida Al Kaabi and other senior officials in the field of energy, finance and investments.
The Qamco shares opened at QR18.00, 78 percent above their initial public offer price of QR10.10, capping a successful run for Qatar’s biggest equity listing this year. The stock then edged up to reach QR18.90 before closing down at QR13.01. The first trading session witnessed a total of 21,447 transactions, and the total number of shares traded amounted to 23,210,318, with a total trading value of over QR323m. QSE benchmark index closed 0.39 percent higher.
The Minister rang the ceremonial bell formally marking trading of the shares. “This investment opportunity has given Qataris a valuable opportunity to participate in the success of one of the region’s largest and most competitive aluminum producers, and one of Qatar’s most successful projects in the manufacturing sector.
Thus, the listing of Qamco shares will provide an opportunity for citizens to benefit from the investment opportunities and diversity offered by the Qatar Stock Exchange,” Al Kaabi said.
Rashid bin Ali Al Mansoori, CEO of Qatar Stock Exchange said the listing of Qamco will help increase the exchange depth and brings new opportunities and additional choice to the investing public. “The listing of Qamco is an important step in the implementation of the Qatar’s National Vision, and another step in achieving economic diversification and providing a real opportunity to all citizens to benefit directly from economic growth and the boom in the industrial sector,” Al Mansoori said.
“The listing derives its significance from several factors; the first factor is the wise and prudent leadership and vision of His Highness the Amir, focusing on several initiatives to encourage long term investments; the second factor is the great confidence that the company will be a new Qatari success story in the industrial sector. The third factor is the success of the IPO and heavy public participation in the IPO; and the fourth factor is the role of the company in strengthening and stimulating the capital market,” Al-Mansoori added.
