Qatar First Bank to list shares on April 27

24/04/2016 07:42 AST

Qatar First Bank (QFB), a leading Shari'ah compliant bank has announced plans to list its shares on Qatar Stock Exchange on Wednesday (April 27). This is the first listing of a private sector entity on the QSE in six years.

The Qatatri bank's announcement comes following the approval from the Qatar Financial Markets Authority.

QFB has previously announced its 2015 results recording gross income of QR336.5 million ($92.5 million), and net income of QR66 million ($18.1 million) with total assets increasing by 26 per cent to reach QR5.9 billion ($1.6 billion).

The Bank, during 2015, invested a total of QR33.9 million ($9.3 million), bringing the total capital invested to date to QR1.54 billion ($423.0 million). The Sukuk book continued to grow in size to reach QR943 million ($259 million) and total deposits reached around QR3 billion.

According to Qatar exchange, the listing of QFB will 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 per cent 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, it stated.

QFB was established as one of the first independent Shari'ah compliant financial institutions licensed by the Qatar Financial Center Regulatory Authority, on September 4, 2008. The Bank's authorized capital amounts to QR 2.5 billion and the issued and paid up capital is QR2 billion.

Al Rayan Investment acted as the sole listing advisor along with international legal counsel Pillsbury Winthrop Shaw Pittman and local legal counsel Sultan Al-Abdulla& Partner.

On the IPO milestone, Abdulla Bin Fahad Bin Ghorab Al Marri, the chairman of QFB, said: "This is a significant achievement for Qatar and QFB. 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," he noted.

Al Marri added: "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 advisor for high-net-worth individuals, corporate and institutional clients and a gateway to business opportunities in Qatar, the region and global markets." he added.

CEO 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."

According to him, last year was a ground-breaking year for the bank. "We confirmed our strategy and streamlined our businesses to offer innovative Shari'ah compliant solutions ranging from corporate & institutional banking, private banking & wealth management, treasury & investments, as well as alternative investments with a focus on private equity and real estate," noted Makkawi.

"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 Shari'ah compliant banking arena," he added.

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