DOHA: Commercial Bank has announced it will finance subscriptions in the initial public offering (IPO) of 273,425,880 shares in Qatar Aluminium Manufacturing Company (QAMCO). The IPO, representing 49% of QAMCO’s issued share capital, remains open between 30 October 2018 and 12 November 2018 closing 1:00 pm, at an offer price of QAR 10.1 per Share (QAR 10 nominal value plus QAR 0.1 offering and listing costs).
Commercial Bank is offering tailored financing of up to 65% of the total value of the QAMCO shares which customers wish to purchase, to help them take full advantage of this opportunity. This financing is offered at 0% interest until the allocation of surplus shares of the IPO is complete.
Commercial Bank Qatari customers can apply for financing through participating branches in the following locations: Landmark Mall, Bin Omran, Al Rayyan, D Ring, Al Messila, in addition to Sadara and Private Banking Suites.
The minimum number of shares which may be applied for is 50 shares. Larger numbers of shares may be applied for in multiples of 50 up to a maximum of 11,160,200 shares.
For more information please contact:
Abeer Al Kalla
Head of Corporate Communications
Tel: +974 5584 7838
About Commercial Bank
Commercial Bank has total assets of QAR 138.7 billion as at 30 September 2018. As a full service commercial bank, the Bank offers a full range of corporate, retail and investment banking services as well as owning and operating the exclusive Diners Club franchise in Qatar. The Bank’s countrywide network includes 29 full service branches and 174 ATMs.
Profitable every year since incorporation in 1974, continual investment in technology and human capital, together with a strong capital base, provides a solid foundation for continued growth. Expanding its geographical footprint, Commercial Bank is 100% owner of Alternatif Bank in Turkey and has a strategic partnership with the National Bank of Oman (NBO). NBO is the second largest bank in Oman with total assets of OMR 3.5 billion as at 30 September 2018 and has 69 branches, including 1 branch each in Egypt, Abu Dhabi and Dubai. Commercial Bank has ceased discussion with Tabarak Investment to negotiate terms of the potential sale of the Bank’s stake in United Arab Bank.
Commercial Bank enjoys strong credit ratings of (A3) from Moody’s, (A) from Fitch, and (BBB+) from Standard & Poor’s. The Bank is listed on the Qatar Exchange and was the first Qatari bank to list its Global Depository Receipts (GDRs) on the London Stock Exchange. Commercial Bank’s Swiss Franc bond issued in March 2018 is the largest ever CHF bond from the MENA region.
Most recently, Commercial Bank was awarded “Best Bank in Qatar” from Global Finance magazine on the sidelines of the 2018 Annual Meetings of the International Monetary Fund and World Bank Group. According to Brand Finance, Commercial Bank was also named among the world's top 500 financial brands for 2018, ranking third locally and 270 globally, up 12 on the same list compared to last year Commercial Bank was awarded the “Best Remittance Bank in the Middle East 2018”, “Best Retail Bank in Qatar 2018,” “SME Bank of the Year in the Middle East 2017,” and “Best Cash Management Bank in Qatar 2017” by The Asian Banker. In recognition of its CSR activities benefitting the Qatari community, Commercial Bank was awarded the “Best CSR Report”, at the Corporate Social Responsibility awards ceremony for organisations in Qatar. The Bank also won the “Best Investor Relations award for mid-cap companies” at the Qatar Stock Exchange’s annual IR awards ceremony in 2017 recognising best practice in investor relations.
The Bank is dedicated to supporting Qatar’s community and social infrastructure through Corporate Social Responsibility programmes and sponsorship of various events. Title sponsorship of the Commercial Bank Qatar Masters reflects the Bank’s promotion of excellence in sports and its keen interest in enhancing Qatar’s international sporting reputation. www.cbq.qa© Press Release 2018
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