11 May 2017
Investment Holding Group (IHG) yesterday announced that its shares are expected to be listed on Qatar Stock exchange (QSE) within two weeks.
The announcement is followed by IHG’s Constituent General Assembly Meeting on Monday. With representatives from the Ministry of Economy and Commerce and the External Auditors in attendance, the Assembly officially approved to convert Investment Holding Group (IHG) from a limited liability company to a Qatari shareholding company.
“Listing of the Company’s shares on the Qatar Stock Exchange is expected to take place within two weeks. Articles of association and the memorandum of association of the Company, auditor appointment and valuations were also discussed during the Assembly.”, the company said in a statement yesterday.
The meeting was attended by shareholders and Founders of the Group. Khalid Ghanim Al Hodaifi Al Kuwari was elected as Chairman of the meeting.
Al Hodaifi presented the Founders' Report and thanked the shareholders for their confidence and participation in the IPO, which is a first in the Qatari market for a family business and a step towards expanding the Group’s number of shareholders. More than 10,000 new shareholders joined the Group's shareholders’ base through the IPO.
Al Hodaifi also extended his appreciation and gratitude to H H the Emir for his leadership and direction to the government to streamline procedures for supporting the growth of the private sector. He also commended all legislative, supervisory and executive bodies that contribute to the government’s overall success.
Resolutions of the meeting noted that following the IPO subscription, the Group immediately worked with the official authorities to obtain the required approvals to hold the Constituent General Assembly, which took longer than scheduled. This was due to IHG being the first family company to be converted into a public shareholding company through an Initial Public Offering, and there was an extensive coordination between the different government and regulating bodies to decide on the appropriate means for conversion as per the applicable laws.
Resolutions also confirmed that the Group is ready to comply with the requirements of all the regulating and governing bodies.