MPHC listing ‘a step towards’ national vision

27/02/2014 05:26 AST

The Mesaieed Petrochemical Holding Company’s (MPHC) decision to go public is an important step in the implementation of the Qatar National Vision 2030.

The vision envisages expansion of private sector participation in the development process, and provide a real opportunity to all citizens to benefit directly from the country’s economic growth,

H E Dr Mohamed bin Saleh Al Sada, Minister of Energy and Industry and Chairman of the MPHC Board, said here yesterday.

At 9.30 am, Dr Al Sada, rang the Qatar Exchange opening bell to celebrate the listing of the company and the day’s trading.

Delivering a speech at a ceremony organised by Qatar Exchange (QE) to mark the first day trading of MPHC, Dr Al Sada said the listing of Mesaieed derives its significance from several factors; the first factor is the 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. Another factor is the great success of the IPO and strong response from various segments of the society; final factor is the role played by the company’s listing in strengthening and stimulating the capital market.

Among others who attended the event included H E Sheikh Abdullah bin Saud Al Thani, Governor of Qatar Central Bank, Dr Hussein Ali Al Abdullah, Acting Chairman of Qatar Exchange, and Abdul Rahman Ahmed Al Shaibi, Vice Chairman of MPHC.

The minister described the listing as a milestone for the Qatari petrochemical sector in general, and for the MPHC in particular as it represents an area of interest for the exchange and the Qatari citizens, who have invested in the future and put their trust in this national company. 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 said the company is qualified to take advantage of a number of favourable factors to maintain high profitability, excellent liquidity, low energy costs, and diverse base of global clients.

“We are expecting bigger activities. The MSCI upgrade will bring in more liquidity to the local market. We expect the upgrade will elp attract QR3bn to QR5bn foreign capital to local market in short terms”, Hussein Ali Al Abdullah, Acting Chairman of QE said. More companies are expected to come to the market. But we do not know the exact numbers and the timing of the listing, he said.

MPHC will increase exchange depth and brings new opportunities and additional choice to the investing public. “We are pleased to welcome MPHC into the family of listed companies on the bourse, said Rashid Al Mansoori, CEO, QE.

The Peninsula