Qatar Exchange CEO: QSE has Received Approval from Ministry of Commerce & Industry for the IPO of Baladna

April 28, 2019

Qatar Stock Exchange (QSE) Chief Executive Officer Rashid Al Mansoori told Al-Watan Newspaper that the bourse had received approval from the Ministry of Commerce & Industry for the IPO of Baladna in preparation for its listing on the Qatari exchange, which reflects progress in the initial public offering process.

For his part, the Director of Business Development in «Baladna» Mazen Al-Sabiti said to Al-Watan that the company is ready to offer its shares for public subscription by the end of the third quarter of this year, pointing out that next September is the likely date of the offering, while listing will soon follow. “The financial advisor and listing manager, QNB Capital, follow up the arrangements with Qatar Financial Market Authority and Qatar Stock Exchange, as for Ernst & Young and BWC, they have conducted the necessary studies for listing” He added.

Baladna was established to produce livestock in 2014 and to achieve self-sufficiency in dairy and livestock production. Baladna’s farm extends over a surface of 38 hectares, in addition to the new outer farm, which covers an area of ​​180 hectares. The farm’s current production is estimated at 5500 tons of dairy products per year and 1000 tons of sheep meat per year, and is able to host about 14,000 cows. Each cow produces 10,000 liters of milk per year and production is expected to increase to 14,000 liters of milk per year per cow. Baladna works on producing 10,000 dual purpose sheep, as well as 10,000 goats. The farm has several restaurants as well as retail outlets.

Source: Al-Watan