QSE considers share sale amid Qatar Holding talks

12/03/2015 06:43 AST

The Qatar Stock Exchange is considering selling shares in an initial public offering and held talks with its shareholder Qatar Holding about the sale, according to chief executive officer Rashid bin Ali al-Mansoori.

“The discussion is there yes, but there is no timeline,” al-Mansoori said in an interview on the sidelines of a conference in Dubai yesterday. “It is something for the shareholders when they decide, but yes it has been discussed.”

Qatar is developing its capital market as a way for companies to raise money and grow. The country, owner of the world’s third-largest gas reserves, is seeking to expand its $183bn stock exchange after index provider MSCI upgraded it to emerging-market status in June 2013. Qatar Holding, a unit of the country’s sovereign wealth fund, bought NYSE Euronext’s 12% stake in the QSE in October 2013 to become its sole owner.

Shares on the exchange’s main index jumped 18% last year and closed down 1.1% at 12,127.98 in Doha yesterday.

“The exchange itself is encouraging everybody to go for IPO so it’s an example,” al-Mansoori said. “If you go out and preach to come and list then I think the exchange itself should consider listing itself.”

Mesaieed Petrochemical Holding Company (MPHC) was the last share sale in Qatar in January 2014. State-run Qatar Petroleum raised QR3.2bn ($879mn) by selling a 26% stake in MPHC to Qatari nationals. Companies including Barwa Bank and Qatar First Bank are planning IPOs, al-Mansoori said, and may conclude talks with the regulator this year.

Bloomberg