DOHA SHARES of the Doha Global Investment Company, a new $12 billion investment firm will be offered for public subscription in May, Qatar Exchange Chairman Hussain Ali al Abdulla said in a statement on Saturday.
The investment firm will have a total capital of QR45 billion, 50 percent of which will be in the form of paid-up capital and Qatar Holding will contribute 50 percent of the capital.
Qatar unveiled plans to create the investment firm in February and said its sovereign fund arm, Qatar Holding, will transfer $3 billion worth of assets to the new firm, with a similar amount raised in an initial public offering on the Qatar Exchange.
According to Abdulla, the IPO will be open only to Qatari companies, institutions and citizens, and non-Qataris will be able to trade and buy in the company’s shares after being listed on the Qatar Exchange. “The nominal value of the share will be QR10, five riyals of that are paid up,” Abdulla added.
The potential listing, which would be one of the biggest IPOs conducted in the Middle East, is seen as part of a strategy by the world’s top exporter of liquefied natural gas to distribute its wealth locally.
He said that the shares of the investment firm will be listed for trading on Qatar Exchange following the completion of the subscription and the subsequent allocation processes, all the technical procedures and after obtaining the regulatory approvals required.
Qatar Holding owns stakes in high-profile global firms such as German sports car maker Porsche and British bank Barclays and has been one of the most aggressive investors globally in recent years.
The Qatari bourse has underperformed some exchanges in the region this year, such as Dubai and Saudi Arabia, due to concerns that listed companies in Qatar are not reaping the benefits of the country’s economic growth. The planned listing may help boost liquidity and investor interest in the bourse.
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