Qatar First Bank lists shares on bourse

April 24, 2016 2:30 pm

Qatar First Bank (QFB) will list all its shares on the Qatar stock exchange on April 27, the bourse said in a statement issued on its website.


In the first listing of a private sector entity on the Qatar stock exchange since 2010, the Shari’ah-compliant bank will be listed under the banking and financial services sector with the code QFBQ.


QFB is also the first the company incorporated in the Qatar Financial Centre (QFC) to list on the domestic bourse. With this, the total number of listed firms on the exchange will reach 44.


The lender, which focuses on wealth and asset management and private equity, targeting investments in energy, real estate and financial services across the Middle East and Africa, announced its plans for flotation in December last year.


Established in 2008, the bank’s authorised capital amounts to QAR2.5 billion and the issued capital is QAR2bn, which is 100 per cent paid up.


The reference price for the first day will be QAR15 with a fluctuation of 30 per cent up/down, which will be permitted only for the first day of listing, the bourse said.


However, ten per cent up/down price fluctuation on the second day and thereafter will be permitted, as the case for all other listed companies, it added.


Rashid bin Ali Al-Mansoori, CEO of Qatar Stock Exchange, said the listing of the bank will be an important turning point in the bourse’s listings history, as it is the first case of a QFC company listing in trading platforms.


“Our listing on the QSE was always a top priority and we are proud to deliver on this promise to our shareholders who have supported us all these years and to the Qatar market in general,” remarked Abdulla Bin Fahad Bin Ghorab Al Marri, Chairman of QFB.


The bank had previously reported a net income of QAR66 million in 2015.


AMEinfo Staff
By AMEinfo Staff
AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.