DOHA/DUBAI: Barwa Bank, a Qatari lender part-owned by Qatar Holding, plans an initial public offering on the Doha stock exchange and is being advised by local investment bank QInvest, Barwa’s top executive said yesterday.
“We have been working with QInvest on a listing advisory relationship for quite some time,” Chief Executive Steve Troop told Reuters by phone, declining to give specific details.
Barwa Bank is 37.3-percent owned by Barwa Real Estate Co while Qatar Holding, the investment arm of the Gulf state’s sovereign fund, has a 12.1 percent stake. The remaining shares are owned by several individuals and corporates, according to the bank’s 2011 results.
Barwa’s float will most likely be an offering by existing shareholders rather than a fresh issue of shares, a banking source said, adding a potential listing was likely in the first half of 2013.
“They have to get the regulator’s approval for the listing and generate a three-year profitability track record before listing shares. It’s most likely to be a secondary offer by the shareholders,” the source said.
Barwa Bank has grown at a rapid pace in the last couple of years, benefiting from the Gulf state’s massive economic growth. Its 2011 profits rose to 243.7 mln riyals compared with a profit of 27.7m riyals for the same period last year. It operated six branches in Doha last year.
The bank has been active in the fixed income sector. It was a co-lead arranger on Turkey’s $1.5bn sovereign sukuk deal in September and a mandated joint lead manager on Qatar’s bumper $4 billion Islamic bond sale in July. QInvest’s largest shareholder is Qatar Islamic Bank.
Oil falls on weak economic data
NEW YORK: Brent crude slipped yesterday in light, choppy trading as oil markets balanced better-than-expected US manufacturing data against signs of economic weakness in Asia and evidence of a new recession in the debt-saddled euro zone.
Front-month Brent crude traded down 32 cents at $112.07 a barrel by 2.02pm EDT (1802 GMT), off highs of $113.37 a barrel struck earlier in the session.
US crude rose 27 cents to trade at $92.46 a barrel, having hit $93.33 earlier. Prices briefly pushed higher in early US activity after data showed US manufacturing expanded in September, shaking off three months of weakness as new orders and employment picked up.
Agencies
