State-owned Qatar Petroleum (QP) has announced it will list 49 per cent shares of its wholly-owned subsidiary Qatar Aluminum Manufacturing Company (Qamco) though an initial public offering (IPO) on the Qatar Stock Exchange for a two-week period starting on 30 October.
QP had made public its plans to stock list its aluminum business in May.
QP will retain the majority 51 per cent stake in Qamco, which is valued at $1.5bn. QP said it will offer 273,425,880 shares, which are Sharia’a compliant. Shares of Qamco will be priced at QR10.1 or $2.77 each.
Only local citizens will be offered the 49 per cent issued shares, QP said, with 5 per cent to be dedicated to the civil and military pension funds.
After the end of the IPO period on 12 November, Qamco’s shares are expected to be traded on the local bourse by mid-December, subject to remaining regulatory approvals.
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