Mesaieed Petrochemical Holding, a unit of state-owned Qatar Petroleum, has planned to raise US$880mn through an initial public offering (IPO) of 26 per cent of its shares, end of this year
According to Reuters, Qatar’s finance minister Ali Shareef al-Emadi said each share of Mesaieed will be offered at US$2.75 to only Qatari citizens, between 31 December 2013 and 21 January 2014. The listing cost for each share is US$0.05.
The government has planned to purchase 750 of Mesaieed’s shares. The stock will commence trading on the Qatar Exchange from February 2014.
Mesaieed Petrochemical holds stakes in ventures that manufacture polyethylene, caustic soda and other chemical products. Its partners in the ventures include US-based Chevron Phillips Chemical Company.
This will be the first IPO in Qatar in four years.
Qatar’s Energy and Industry minister Minister Mohammed Saleh Al-Sada said, “We encourage citizens to take part in this investment and also to await other opportunities in the pipeline.”
Al-Sada said the Qatar stock market would witness IPOs worth US$13.73bn over the next 10 years.
