Qatar Petroleum (QP) has announced the list of accredited receiving banks for the initial public offering of (IPO) Gulf International Services (GIS), a unit of QP. 

The IPO, which opens on February 28, represents the latest privatization initiative from Qatar Petroleum. 

GIS is a holding company comprising Al Koot Insurance and Reinsurance Company, Gulf Drilling International Limited (GDI) and Gulf Helicopter Company (GHC). 

Abdullah Bin Hamad Al Attiyah, Deputy Prime Minister, Minister of  Energy & Industry & Chairman of GIS, said: “This next step in our programme of privatization is taken to allow our citizens to benefit from the continued economic development of the State of Qatar.  Qatari investors wishing to apply for GIS shares are able to do so through our established group of receiving banks, and in doing so participate in the continued development of our petroleum industries.”

Mr. Ali Shareef Al Emadi, Group Chief Executive Officer of QNB, the Lead Receiving Bank of the IPO commented: “The nine banks selected have met our criteria for operating as receiving banks.  We anticipate a positive response to this offer and have every confidence in the ability of our selected receiving banks to handle the likely volume of applications.”

In addition to all branches of QNB, investors will be able to make their applications at selected branches of the following banks:  Al Ahli Bank, Arab Bank, Commercial Bank Qatar, Doha Bank, HSBC, International Bank of Qatar, Qatar Islamic Bank, International Islamic and Rayan Bank. 

The share price has been set at QR21 per offer share, with offering costs of QR0.6.  The IPO is open to all Qatari citizens. 

Qatar Petroleum will continue to hold approximately 30 per cent of the available share capital of the company, with approximately 4.2 per cent being made available to selected institutions and approximately 65.8 per cent being made available to the Qatari individuals.  Individual investors will be able to apply for a minimum allocation of 250 shares with multiples of 50 shares thereafter, and for a maximum of shares of 10,000 per individual.

Qatar National Bank has been appointed as the lead receiving bank.  The financial advisor and lead manager for the IPO is HSBC Bank Middle East Limited, with Norton Rose and the Law Offices of Manaa Nasser Saleh acting as legal counsel.  HSBC will directly distribute the applications and prospectus to all participating banks, the statement said.

More information about the IPO can be found at: www.qp.com.qa/gis-ipo  -TradeArabia News Service