Naqilat public offer oversubscribed

DOHA — When applications for the IPO of Qatar Gas Transport Company (Naqilat) closed on February 16, the issue had been over-subscribed by nine and a half times, according to the country's Second Deputy Premier and Energy and Industry Minister, Abdullah bin Hamad Al Attiyah.

By From Gina Coleman

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Published: Wed 23 Feb 2005, 9:38 AM

Last updated: Thu 2 Apr 2015, 4:28 PM

Attiyah, who is also board chairman of Naqilat, said over 213,000 subscriptions had been received for the 280 million shares on offer, valued at QR1.4 billion. According to instructions from the Emir, preference is to be given to small investors. Only half of the nominal value of the shares is to be paid immediately, the rest in two further installments over the coming years. The IPO was only open to nationals, but there has been speculation that some expatriates and foreign nationals had tried to enter into private (and illegal) arrangements with Qataris, in anticipation of the Doha Securities Market (DSM) opening trading to foreign investors from April 3rd this year.

At the moment, GCC nationals can, with some restrictions, can trade in all shares listed on the DSM, except those of banks and insurance companies, while other nationals can only trade in the shares of Qatar Telecom (Qtel) and Salam International.

Al Attiyah said the process of allocating the Naqilat shares was expected to take around two weeks.

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