Mesaieed Petrochemical Holding Company “MPHC” was listed on Qatar Exchange (QE) to raise the number of listed companies to 43.
H.E Dr. Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry, Chairman of the MPHC Board, delivered a speech in the ceremony organized by Qatar Stock Exchange and attended by H.E Sheikh Abdullah bin Saud Al Thani, Governor of Qatar Central Bank, H.E Dr. Hussein Ali al-Abdullah, Acting Chairman of Qatar Stock Exchange, and Mr. Abdul Rahman Ahmed Al Shaibi, Vice Chairman of the MPHC’s Board.
H.E the Minister stated in his speech: “The listing derives its significance from several factors; the first factor is the wise and prudent leadership and vision of His Highness the Emir, focusing on several initiatives to encourage savings and long term investments; the second factor is the great confidence that the company will be a new Qatari success story in the petrochemical industry. The third factor is the great success of the IPO and strong response from various segments of the Qatari society; and the fourth factor is the role played by the company’s listing in strengthening and stimulating the capital market.
H.E the Minister described this event is a milestone for the Qatari petrochemical sector in general, and for the MPHC in particular as it represents an area of interest for the Qatar Stock Exchange and the Qatari citizens, who have invested in the future and put their trust in this national company.
“The listing of MPHC is an important step in the implementation of the Qatar National Vision, which will contribute in achieving economic diversification, expand private sector participation in the development process, and provide a real opportunity to all citizens to benefit directly from economic growth and the boom in the oil and gas sector,” H.E. Dr. Al-Sada added.
H.E the Minister predicted that the MPHC will benefit the national economy and Qatari people, especially as it combines three established and profitable petrochemical companies founded by Qatar Petroleum. He noted that the company is qualified to take advantage of a number of favorable factors to maintain high profitability, excellent liquidity, low energy costs, and diverse base of global clients.
At the end of the speech, H.E the Minister expressed his great gratitude to H.H the Emir, Sheikh Tamim bin Hamad Al Thani for his wise leadership and support for the creation and launch of Mesaieed Petrochemical Holding Company. He also expressed his appreciation for the contribution made by the Qatar Stock Exchange in the success of the listing and all the shareholders for their trust in this national company.
Following the speech, H.E. the Minister of Energy, accompanied by guests, rang the Qatar Stock Exchange opening bell at 9:30 am to celebrate the listing of the company and the starting of its shares trading, along with other companies listed on the Qatar Exchange.
The opening price on the first day of trading was QR 50 then trended in an upward direction reaching the upper limit to QR73.90.The last traded price and the closing price was QR 55 The number of executed transactions amounted to 11,801 totaling 11,005,599 traded shares for a total value of QR 674,418,186.
“We are pleased to welcome Mesaieed Petrochemical Holding Company “MPHC” into the family of listed companies on the exchange-a company that will increase exchange depth and brings new opportunities and additional choice to the investing public.” Mr. Rashid Al Mansoori, CEO, QE said.
Rashid Al Mansoori added:” Qatar exchange is actively seeking to increase the number of listed companies through a greater understanding of the benefits of using the public equity markets to finance growth. we look forward to listing of “MPHC” being the starting point for a renewal interests in companies seeking IPO’s and also in the future additional listed products including ETFs and Sukuk.
Mesaieed Petrochemical Holding Company “MPHC” was established on May 29, 2013. The company’s authorized and issued capital amounts to QR 12 billion (100% paid up). MPHC’s business activities include among others to manage, own, and/or hold shares, assets and interests in companies (and their subsidiaries and/or associated undertakings) engaged in all manner or processing and/or manufacturing of petrochemical products.
Wednesday, February 26- 2014 @ 16:26 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.