QP Allocates Free Shares in QAMCO to Citizens Benefiting from Social Security Law

October 28, 2018

Qatar Petroleum has announced that it will allocate 750 free shares in Qatar Aluminum Company “QAMCO” (under incorporation) to each citizen in the categories benefiting from the social security system in the country.

These categories include the elderly, the unable to work, orphans, families in need, the disabled, divorcees, widows, families of prisoners and other categories as stipulated by the law.

These beneficiaries will be able pay to subscribe to any additional number of shares in accordance with the terms of the prospectus, QP said. Details of the allocation will be determined in cooperation with the concerned authorities.

The IPO price is QR10.10, with a nominal value of QR10, plus the subscription and placement cost of QR0.10 per share.

Qatar Petroleum announced on Monday (October 22nd) that it will launch an initial public offering of shares representing 49% of the total capital of QAMCO, a Qatari public shareholding company under incorporation. QAMCO will own Qatar Petroleum's entire share of 50% of the total issued share capital of Qatar Aluminum Company Limited (QP), which was established as a joint venture between Qatar Petroleum and Hydro Norway.