Mubasher: Three Qatari banks announced plans to finance the subscribers to the initial public offering (IPO) of Qatar Aluminium Manufacturing Company (Qamco).
The three banks are Qatar National Bank (QNB), Qatar International Islamic Bank (QIIB) and Ahli Bank.
Last week, Qatar Petroleum (QP) revealed that it would offer Qatar Aluminium Limited’s (Qatalum) shares for an IPO on 30 October.
The floated shares represent 49% of the issued share capital of Qatalum, according to data.
The 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 a share.
QNB, the largest financial institution in the Middle East and Africa, revealed that it would finance 65% of the total value of shares that Qatari QNB customers wish to purchase, with 0% interest until the surplus shares are allocated.
As for QIIB, it has fulfilled all the required logistic arrangements to welcome the subscribers in the branches that are participating in the QAMCO IPO subscription.
“QIIB provides the subscribers with financing 65% of the subscribed shares. As for IPO applicants whose salaries are not transferred to QIIB, the limit of subscription finance has been set from 7,000 shares to an upper limit of 50,000 shares,” Jamal Al-Jamal, QIIB Deputy CEO, said.
Meanwhile, Ahli Bank announced that it will allocate six branches to receive the applications of QAMCO IPO, and it will provide more facilities for applicants.
It is worth noting that the subscription period will take place during two weeks starting on 30 October and finishing by the end of 12 November.
