IHG Completed Preparations for IPO Subscription on Sunday

Doha, January 04 (QNA) - Investment Holding Group (IHG), the first Qatari family business to list a major capital share through an Initial Public Offering (IPO), announced that it completed all preparations to offer 49,800,000 shares through the IPO subscription on Sunday January 8, 2017. The offer period will be open for two weeks, IHG added. At a press conference held today, IHG's Chairman Ghanim Sultan Al Hodaifi said that the Group will list 60% of the its capital on the Qatar Stock Exchange (QSE), adding that the number of shares included in the offer is 49,800,000 shares at a pricing of QR 10.1 per share. "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," Al Hodaifi added. IHG CEO Wael Shtayyeh highlighted that "obtaining approval from the Qatar Financial Markets Authority to list 60% of the Group's capital, which is an unprecedented level on the 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." 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. 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: Qatari companies registered in the State of Qatar, companies incorporated in Qatar and listed on the QSE, or government entities that submit subscription applications of a minimum of 1,000,000 shares. (QNA)