DOHA: Qatar Exchange (QE) is well-equipped to trade the 300 million plus shares of Mesaieed Petrochemical Holding Company (MPHC) entering the primary market from December 31, 2013. The bourse is well prepared for trading the shares in February 2014, when the MPHC listing is expected, QE announced.
The 22-day IPO subscription period of the MPHC will run until January 21, 2014.
Rashid Al Mansouri, CEO, QE said QE is capable of handling the 323m shares coming to the secondary market from MPHC. The entry of MPHC shares to the market will help boost the bourse’s average trading volume. The local market is capable of absorbing more IPOs, Al Mansouri told Al Sharq in an interview.
Meanwhile, the participating banks confirmed their readiness to receive subscriptions from the very first day of the issuance, December 31, 2013. The designated banks will open dedicated windows to receive the subscriptions.
QNB is the lead receiving Bank. All the branches of QNB in Qatar will receive the subscriptions. The Al Ahli Bank’s branches in Salwa, Al Sadd, Mirqab, Wakra, Al Khor and Rayyan will also receive the subscriptions. Other participating banks are Al Khaliji Commercial Bank (Head Office Doha, Bin Omran, C-Ring Road branches); Arab Bank (Doha Main Branch, Al Sadd, C-Ring Road branches); Barwa Bank (Doha Main Branch, Al Sadd, Al Shafi, Al-Fardan Towers branches); Commercial Bank of Qatar (All retail branches in Qatar); Doha Bank (IPO Center, 5th floor, Main Branch, Doha); International Bank of Qatar (Doha Main Branch); Mashreq Bank (C-Ring Road); Masraf Al Rayan (Al-Saad, Grand Hamad, Doha City Center, Qatar University, Salwa, C-Ring Road, Wathnan, Wakra, Qatar Olympic Committee-West Bay ); Qatar International Islamic Bank (Khraba, Hilal, Bin Omran, Al-Khuraytiyat, Gharafa, Salwa, West Bay, Mirqab, Wakra Branches); and Qatar Islamic Bank (Gharafa, Airport, Al-khurayityat, Wakra, Al Sadd, Salwa, Rayyan, Fanar, Al Khor and C-Ring Road).
The International fund managers are keenly watching the market developments in Qatar. Market players are looking for QE’s upgrade by MSCI and S&P Dow Jones by the middle of 2014, which is expected to pave way for the long-term investors to enter the market. The upgrade means Qatar will be in the watch list of most emerging market fund managers.
QE continued to rally in November gaining 5.5 percent MoM, after rebounding in the previous month. The index was driven by strong 9M13 corporate earnings, which held it rise up to a five-year high of 10,284 during the month. The index witnessed strong buying interest from domestic retail and institutional investors, while foreign institutional investors pitched during the second half of the month. The Index ended 24.1 percent higher on YTD basis in November.
The Peninsula
