Vodafone Qatar to list on exchange
Doha, July 16, 2009
Vodafone Qatar has announced that the company will be listed on the Qatar Exchange on July 22.
Qatar Exchange is the successor to the Doha Securities Market, in which NYSE Euronext recently acquired a 20 per cent stake. The acquisition by NYSE Euronext will transform Qatar Exchange into an international exchange with a diverse product range.
Vodafone Qatar’s Initial Public Offering (IPO) of 40 per cent of the company’s authorised share capital took place from April 12 to 26.
The IPO was a phenomenal success raising QR3,381,600,000 ($950 million) which was the largest IPO globally in 2009 at the time subscriptions closed.
Once listed, 100 per cent of the company’s authorised share capital is open to foreign investment, with no limits on foreign ownership. The founders’ shares, representing 60 per cent of the authorised share capital, are blocked from trading for two years.
On the first day of listing shares can be traded in any price range. Thereafter, shares can be traded at plus or minus 10 per cent as per Qatar Exchange trading rules.
“This is another important milestone for Vodafone Qatar. Our investors will play a vital role in helpings us ‘make a world of difference for the people in Qatar’ and we look forward to enjoying a long and prosperous relationship with them,” said Grahame Maher, CEO, Vodafone Qatar. – TradeArabia News Service