DSM allows buyback of shares

DOHA — Companies listed on the Doha Securities Market (DSM) wishing to take advantage of a change in the law to buy back their own listed shares can now do so, subject to stringent conditions issued by the Qatar Financial Market Authority (QFMA) on Monday and the purchase must be made through the DSM.

By From Our Correspondent

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Published: Wed 5 Jul 2006, 10:59 AM

Last updated: Sat 4 Apr 2015, 2:57 PM

Companies must apply to the QFMA to buy their shares (with a 10 per cent cap). The QFMA is required respond to the request within 10 days and simultaneously inform the DSM. The company must then publish its intention in the local Press (in at least two dailies, one of which must be in English) and must wait for a period of three days before the buyback.

Companies are banned from taking a loan to buy back their shares and must do so from their reserves or profits. They must also re-sell the shares within 24 months of the date of purchase.

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