Mubasher: Qatar Petroleum on Monday announced that it will offer Qatar Aluminium Limited’s (Qatalum) shares for an initial public offering (IPO) on 30 October.

The floated shares represent 49% of the issued share capital of Qatalum, according to QP’s statement.

The shares will be offered at QAR 10.1, which includes the nominal value per share of QAR 10, plus offering and listing costs of QAR 0.1 a share.

Moreover, the offer shares will be floated to individual Qatari citizens only, while 5% will be dedicated to the civil and military pension funds. 

The subscription period will take place during the two weeks starting on 30 October and finishing by the end of 12 November.

On 18 October, Qatar Financial Markets Authority (QFMA)  announced that it had approved Qatalum’s IPO.

In May, QP announced a plan to list around 49% of Qatalum shares on the Qatar Stock Exchange (QSE) by the end of 2018.

“This IPO represents a new and important investment opportunity to Qatari nationals” Saad Sherida Al Kaabi, the President and CEO of QP, commented.

On the other hand, Qatalum’s shares are expected to be traded on the Qatar Stock Exchange (QSE) by mid-December after obtaining all remaining regulatory approvals.

“No Qatari and international investors can buy shares in the secondary market post listing,” the statement highlighted.