The listing of the Qatar First Bank on the Qatar Stock Exchange on April 27 “is a significant achievement for Qatar and QFB”, said Abdulla bin Fahad bin Ghorab al-Marri, bank chairman.
Qatar First Bank earlier announced that all its shares will be listed on the Qatar Stock Exchange on April 27.
Al-Marri said, “It is the first listing of a Qatari entity licensed by the QFC, and the first listing for a private entity in six years. It marks the next step in Qatar’s efforts to reactivate Qatar’s stock market and encourage the participation of the private sector in all aspects of the Qatari economy and in particular the banking sector.”
“Our listing on the QSE was always a top priority, and we are proud to deliver on this promise to our shareholders who have supported us all these years and to the Qatar market in general.
“QFB, with a clear strategy, highly experienced team, and solid shareholder base, strives to maintain its role as a trusted adviser for high-net-worth individuals, corporate and institutional clients and a gateway to business opportunities in Qatar, the region and global markets,” al-Marri concluded.
QFB Chief Executive Officer Ziad Makkawi said, “QFB’s listing represents another significant milestone in the bank’s quest to grow, expand its offerings and provide a ‘Signature of Excellence’ to its clients.” Makkawi said, “Last year was a ground-breaking year for the bank. We confirmed our strategy and streamlined our businesses to offer innovative Shariah-compliant solutions ranging from corporate and institutional banking, private banking and wealth management, treasury and investments, as well as alternative investments with a focus on private equity and real estate.
“Looking ahead, we are aware that there is still a great deal of work to be done on the bank’s journey to success, and we are investing to achieve our objectives. We believe that the listing on the QSE is the beginning of a new era, which complements our ambition to become a significant player in the Shariah-compliant banking arena”.
QSE stated that listing of QFB would be in the ‘Banking and Financial Services Sector’ with a symbol ‘QFBQ’. The guiding trading price for the first day will be QR15 per share with a fluctuation of limit of 30% up or down which will be permitted only for the first day of listing; however, price fluctuation on the second day and thereafter will be permitted by 10% up or down as is the case for all other listed companies under the QSE rules.
QFB was established as one of the first independent Shariah-compliant financial institutions licensed by the Qatar Financial Center Regulatory Authority, on September 4, 2008.
The bank’s authorised capital amounts to QR2.5bn and the issued and paid-up capital is QR2bn.
A listing prospectus approved by the QFMA and Fatwa of the bank’s Shariah supervisory board are available on QFB’s website www.qfb.com.qa.
The prospectus offers interested investors full details about the listing and the bank.
Al Rayan Investment acted as the sole listing advisor along with international legal counsel Pillsbury Winthrop Shaw Pittman LLP and local legal counsel Sultan Al-Abdulla& Partner.