Monday, May 13, 2013

Qatar postpones listing of $12 bln investment company

(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

Qatar Exchange.

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

as Dubai.

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

Global IPO.

(Reporting by Dinesh Nair and Nadia Saleem; Editing by David

French and David Goodman)


bioshock infinite smokey robinson smokey robinson kellie pickler USA VS Mexico Alexis DeJoria Marshall Henderson

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.