Qatar's Commercial Bank wins dividend distribution contract for MPHC

Contract will be for period of five years commencing in 2017

  
The Qatar Commercial Bank building is seen in Doha

The Qatar Commercial Bank building is seen in Doha

REUTERS/Fadi Al-Assaad
15 January 2017
Commercial Bank has been awarded the exclusive mandate to distribute dividends for Mesaieed Petrochemical Holding Company (MPHC) to their shareholders, it was announced in a statement.

The contract will be for period of five years commencing in 2017, said Commercial Bank, adding that it has been providing dividend distribution services to MPHC since the company went public in 2014.

MPHC, one of the region’s premier diversified petrochemical conglomerates, was listed on the Qatar Stock Exchange in 2014 and started paying dividends from its first financial year in 2014.  

MPHC is a Qatar Petroleum group company, which holds most of QP’s interests in three well-established and highly-profitable petrochemical companies via Qatar Chemical Company (Q-Chem), Qatar Chemical Company (Q-Chem II), and Qatar Vinyl Company (QVC).  

The combination of these three operating ventures under MPHC creates a leading integrated producer and exporter of petrochemicals, with world-class production facilities in Qatar, Commercial Bank said.

MPHC managing director Khalid al-Subaey said, “Our new five-year contract with Commercial Bank builds on a successful strategic partnership and ensures, as a priority, timely delivery of dividend to MPHC shareholders. Commercial Bank has always proved efficient with capabilities that not only meet our needs, but also contribute to creating exceptional shareholder experience.”

Commercial Bank, EGM for government and public sector, Khalifa al-Rayes said, “Commercial Bank is proud to be MPHC’s dividend distribution partner for the past three years and to have earned the trust to recapture MPHC’s dividend distribution mandate for the next five years. 

“Our commitment is to innovate and provide quick turnaround times to assure an enhanced customer experience for MPHC’s shareholders. Through providing dividend distribution services in line with international best practices, Commercial Bank has built strong relationships with leading listed companies in Qatar.”

Commercial Bank’s dividend distribution mechanics have been tailored to offer MPHC shareholders fast, efficient, and accessible services. 

These services include the option of cash payments for dividends of less than QR100,000, instant dividend credit to a Commercial Bank account or transfers to banks locally and worldwide. 

The distribution is supported by the bank’s extensive branch network, comprising 29 full service branches strategically-located across Qatar, ensuring MPHC shareholders can access their dividends quickly and conveniently. 

For MPHC shareholders using the Qatar Central Securities Depository direct credit service, Commercial Bank will credit their MPHC dividends instantly. If the MPHC shareholder is a customer of Commercial Bank, he can call the bank’s dividend hotline on 4449 5444 24/7 for an auto-credit, the bank said.

© Gulf Times 2017

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