Business & Money | Thursday 5 January, 2017 10:45 am |

Investment Holding Group's Chairman, H.E. Mr. Ghanim Sultan Al Hodaifi, said "IHG has a proven track record of achieving robust results and is now moving into its next phase of growth. Over the past forty years it has not only established itself as a strong presence in the Qatari business sector but as a reliable investment platform owning diverse commercial and construction business activities. We have achieved steady growth over the years and through this IPO our management will continue to deliver on IHG’s strategy to enhance market competitiveness, ensure we are in line with Qatar’s development boom and help us meet the objectives of the Qatar National Vision 2030.”  

In his statement addressed by Mr. Mohamad Ghanim Sultan Al Hodaifi, Member of the Board, at the IHG press conference held today in Doha, Al Hodaifi said: “Thanks to the strong leadership of H.H. Emir of Qatar, the country continues to execute a range of important projects initiatives to help the country sustainably grow and develop.” He reiterated that he and the wider IHG's Board of Directors’ are proud of being able to offer the Qatari financial market its first case of a family business listing through an IPO.

Mr. Wael Shtayyeh, CEO of IHG, highlighted that “obtaining approval from the Qatar Financial Markets Authority (QFMA) to list 60% of the Group’s capital, which is an unprecedented level on the Qatar Stock Exchange (QSE), has made the Group the first Qatari family business to list a major capital share through an IPO.” He added that the Group “will use its transformation to a publicly listed company on the stock exchange as a real opportunity to not only execute IHG’s future strategic plans but develop the businesses of its subsidiaries to achieve robust financial results.”

Shtayyeh further confirmed that IHG “offers a unique brand that reflects the confidence of the local business sector, which in itself is a distinct competitive advantage and has laid the foundation for us to develop future strategic partnerships, become the partner of choice for executing key projects and improve our returns on investments."

The offer period will be open for two weeks (extendable as per the applicable laws and regulations) starting Sunday January 8th, 2017 and ending on Sunday 22nd, 2017. Shtayyeh announced that all preparations related to receiving subscription offers are complete and that they may be received from individual Qatari citizens, Qatari companies registered in the State of Qatar or companies incorporated in Qatar and listed on the Qatari Stock Exchange through the following branches of the Commercial Bank:

Branch	Branch
Airport (Al-Hilal) Branch	Commercial Bank Plaza Main Branch
Al Rayyan Branch	Dar Al Salam Mall Branch
Medina Centrale Branch	Al Khor Branch
Al Messila Branch	Al Wakrah Avenue Branch
Gulf Mall Branch	The Pearl - I (Porto Arabia) Branch

 

IHG obtained approval to list a total value of QAR 490,800,000, representing 60% of the Group’s capital, which is QAR 830 million. The number of shares included in the offer is 49,800,000 shares at a pricing of QAR 10.1 per share. 

The minimum application by an individual or institutional investor is set at 500 shares. Any application exceeding the minimum application shall be in groups of 100 shares. The minimum application by a cornerstone investor is set at 1,000,000 shares, with the option of acquiring additional tranches of 100,000 shares over the minimum level. A cornerstone investor may be any of the following: (1) Qatari companies registered in the State of Qatar, (2) companies incorporated in Qatar and listed on the QSE, or (3) government entities that submit subscription applications of a minimum of 1,000,000 shares. In the event of oversubscription, shares included within this offer will be distributed on a proportional basis to investors, both individuals and entities.

The shares are being offered at QAR 10.1 per offer share, representing the nominal value of QAR 10 per offer share, plus offering and listing costs of QAR 0.1 per offer share. Payment should be made in full at the time of subscription.

All those intending to subscribe to this offer should carefully read the prospectus which was approved by the Qatar Financial Markets Authority, and Ministry of Economy and Commerce, including the terms and conditions for subscription. This can be found by downloading the Prospectus page, available on IHG’s website: www.ihgqatar.com