Doha Bank Offering Financing for Qatalum Company IPO Subscribers for Qataris and their Families
Doha Bank Offering Up to 65% Finance to all Qataris and eligible Qatari members of the family subscribing to shares in the Qatalum Company initial public offering (IPO).
The IPO will be open for subscriptions from 30th October 2018, until 12 November 2018 and subscribers can seek up to 65% finance for the subscription amount from Doha Bank until 11 November 2018, and its subject to the Bank’s terms and conditions.
The IPO is only open within Qatar to Qatari nationals and selected Qatari institutions. In addition, adult family members and legal guardians can apply to subscribe for shares on behalf of their children and minors.
Doha Bank is one of the receiving banks for the IPO and will receive subscriptions from both existing customers and non-customers at all of its branches in Qatar.
The IPO Qatalum Company is an opportunity to enter a very important segment of Qatar’s market. Doha Bank will be supporting the aspirations of our people to participate in this IPO, including not just the investors of today but also future generations, by providing a full range of IPO finance options for all adult Qatari investors as well as minors through their nominated guardians or legal representatives as per the eligibility and terms and conditions of the IPO prospectus.
Qatalum is an equal joint venture between Qatar Petroleum and Hydro Aluminum of Norway producing more than 610,000 tons of high-quality primary aluminum products per annum from twin 1.2 kilometre potlines. Qatalum’s complex facilities include a carbon plant, port and storage facilities, as well as a captive power plant.
Doha Bank Group CEO, Dr. R. Seetharaman said: “The intrinsic strength of Qatar’s Aluminum sector, in which Qatar Petroleum and Hydro Aluminum of Norway are major players and expert leaders in this dynamic field, and the global spotlight in which Qatar’s booming Aluminums sector thrives, encourage us in Doha Bank to support all projects in this vital and distinct sector. Doha Bank has already recorded significant interest in the IPO and supported by strong financial support, the Bank expects more subscribers to come in through the doors before the end of the subscription period. We give high importance to provide the easiest and highest-level services for our customer, accordingly we have provided a dedicated staff and resources in anticipation of continuing demand across the Doha Bank domestic network, supporting both the subscription application process and staff to advise on financial solutions.”
The Total price of shares is 273,425,880 ordinary shares. While the price per Share is QAR 10 fully paid and listing costs of QAR 0.10 per Share (total of QAR 10 per share). The subscription must be minimum of 50 shares and maximum 11,160,240 shares, the offering represents 49% of the issued share capital of the Company, however only one subscription application will be accepted per person and no fractional shares will be allocated.