Qatar put $ 12bn offer company

REUTERS

DUBAI A planned stock market Doha Global Investment Co., a $ 12 billion Qatari investment company backed by the Gulf State's sovereign wealth fund assets, the list has been postponed, said a senior bourse official on Sunday.

Qatar unveiled plans to make the investment company in February and said that Qatar sovereign fund Holding will transfer $ 3 billion of assets in the Doha Global, with a similar amount raised in an initial public offering (IPO) on the exchange of Qatar.

The IPO has postponed "until all the requirements and approvals by the relevant authorities are obtained", Hussein Ali al Abdullah, who is Chairman of both Qatar Holding and the stock exchange, said in a statement.

Qatar is planning a wave of new offerings such as the gas-rich State wants to share the wealth with its citizens.

State-owned Qatar Petroleum wants to offer shares in four of the companies in the next few years, said Abdullah this month.

Bankers and analysts have heard the Qatar stock market to absorb ability of such offers. The benchmark index fell 5.5 percent in the two months after the initial announcement of the Doha Global IPO as retail investors sold stocks cash for Doha Global stocks will be reserved.

Institutional buying helped the index to recover from April by three-and-a-half month low. It's now 5.8 percent this year, although it still lags behind other golf markets such as Dubai.

Doha Global IPO was scheduled for may and had to be open only to citizens, companies and institutions in Qatar. Foreign investors will be able to buy the shares only after the company has been listed on the market.

A new date for the initial public offering will be announced in the local news media, Abdullah said, without additional details.

Credit Suisse, the Swiss bank in which Qatar sovereign fund is a major shareholder, advises on the global initial public offering of Doha.

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