May 08 2007
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Qatar National Bank to manage Qatari-Omani Investment Company's Initial Public Offering
The new company has chosen Qatar National Bank (QNB) to manage its Initial Public Offering (IPO).
The agreement was signed by Sheikh Abdul Rahman Bin Mohammed bin Jabor Al Thani, president of the company's Founding Committee, on behalf of the company, and Mohammed Ali Al Khulaifi, on behalf of QNB , in the presence of several officials from both parties.
Sheikh Abdul Rahman bin Mohammed bin Jabor Al Thani said: "The company seeks to invest in different sectors in Qatar and Oman including industrial, services, commercial, tourist, agricultural, real estate and other projects to achieve the economic, commercial and social development in both Qatar and Oman."
The Qatari & Omani Investment Company has been established equally between Qatar and Oman, with a capital of QR300m distributed to 30 million shares with the nominal share value being set at 10 Qatari riyals per share, through the joint Qatari Omani Committee presided by H E Abdullah bin Mohammed Al Attiyah, Deputy Premier and Minister of Energy and Industry.
Qatar Investment Authority and the Government of the Sultanate of Oman, the promoters of the joint venture have subscribed 12 million shares, fully paid including three per cent being subscription and issuance fees.
The remaining 18 million shares shall be offered for public offering equally between Qatar and Oman at QR10 nominal value for the share plus three per cent subscription and issue fees.
The expected date for the public offering of shares is next month, keeping in mind that the Articles of Association of the company allows citizens of countries other than Qatar and Oman to subscribe in the company shares after the company is listed in the Doha Securities Market according to the effective rules and regulations in such markets.
No single shareholder would be allowed to own more than five per cent of the total shares by ways other than inheritance and will. However, promoters are excluded from this rule.
Al Khulaifi said: " QNB has always been well prepared in fulfilling its tasks especially when it comes to customer service. We are pleased to take this responsibility, and we will have all our branches and offices at the disposal of subscribers, along with the new electronic IPO service, which the bank launched last April to facilitate a fast and easy subscription process for the bank's customers."
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