(Adds original IPO date and background)
DUBAI, May 12 (Reuters) - A planned stock market listing for
Doha Global Investment Co, a $12 billion Qatari investment
company backed by assets from the Gulf state's sovereign wealth
fund, has been postponed, a senior bourse official said on
Qatar unveiled plans to create the investment company in
February and said that sovereign fund Qatar Holding will
transfer $3 billion of assets into the Doha Global, with a
similar amount raised in an initial public offering (IPO) on the
The IPO has been postponed "until all requirements and
approvals from the concerned authorities are obtained", Hussein
Ali al-Abdullah, acting chairman of both Qatar Holding and the
bourse, said in a statement.
Qatar is planning a wave of new listings as the gas-rich
state seeks to share its wealth with its citizens. State-owned
Qatar Petroleum aims to offer shares in four of its
businesses in the coming years, Abdullah said this month.
Bankers and analysts have questioned the Qatar stock
market's ability to absorb such listings. The benchmark index
fell 5.5 percent over the two months after the initial
announcement of the Doha Global IPO as retail investors sold
stocks to set aside cash for Doha Global shares.
Institutional buying has helped the index to recover from
April's three-and-a-half-month low. It is now up 5.8 percent
this year, though it still lags behind other Gulf markets such
Doha Global's IPO was scheduled for May and was to be open
only to citizens, companies and institutions in Qatar. Foreign
investors will be able to buy the shares only after the company
is listed on the market.
A new date for the IPO will be announced in the local news
media, Abdullah said, without providing additional details.
Credit Suisse, the Swiss bank in which Qatar's
sovereign fund is a key shareholder, is advising on the Doha
(Reporting by Dinesh Nair and Nadia Saleem; Editing by David
French and David Goodman)