Doha: Qatar Aluminium Manufacturing Company (Qamco), a Qatari public joint stock company under incorporation in Qatar, plans to sell 49 percent of its shares in a public offering, Qatar Petroleum announced on Monday.
Qamco is set to own 50% of the total issued capital of Qatar Aluminium Limited (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 QR 5,580,120,000, or approximately $1.5 billion, divided into 558,011,999 ordinary shares, and one special share with nominal value of QR10 each. Qatar Petroleum is offering 273,425,880 Ordinary Shares of Qamco.
The offer shares will be offered at QR 10.1, which includes the nominal value per share of QR 10, plus offering and listing costs of QR 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 October 30, 2018 and ending at the end of business day November 12, 2018. Shares are expected to be traded on the Qatar Stock Exchange by mid-December after obtaining all remaining regulatory approvals. No Qatari and international investors can buy shares in the secondary market post listing. Noting that the shares are Sharia’a compliant.
