Abdulrahman Ahmad Al Shaibi (third left), Chairman of Qamco; and Ahmed Saeed Al Amodi (third right), Vice-Chairman, along with other board members at Qamco’s first General Assembly meeting in Doha yesterday. Pic: Abdul Basit / The Peninsula
The shares of newly-established Qatar Aluminium Manufacturing Company (Qamco) are expected to begin trading on the Qatar Stock Exchange (QSE) from December 10, 2018, a source close to the company said on the sidelines of the Qamco’s first general assembly meeting yesterday.
The AGM was held after the successful completion of the initial public offering (IPO) process recently, which was oversubscribed.
In yesterday’s general assembly, the board received nod for all the items on the agenda of the meeting, including approval for the Memorandum of Association and Articles of Association to constitute the Company.
The meeting, presided over by Abdulrahman Ahmad Al Shaibi, Chairman of Qamco, also approved the appointment of EY as external auditor for Qamco for the current accounting year (ending December 31, 2018) against a compensation of QR80,080. The decision for the appointment for external auditor for the next year is expected to be taken in the next general assembly.
The official, who did not wish to be named, said that the company is also expected to distribute dividends to new shareholders of Qamco for the year 2018, and the CEO of has already disclosed that profits from Qatalum for the second half of this year will be distributed among them.
Qatar Petroleum (QP), the sole founder of Qamco, issued share capital of QR5.58bn of 558 million ordinary shares, and now, after the completion of the IPO process, QP owns 51 percent stake in Qamco, and the balance 49 percent with the public, which include 5 percent shares of the total issued to the General Retirement & Social Insurance Authority.
The Qamco IPO was heavily subscribed, with the shares offered to individual investors being more than 2.5 times oversubscribed. Based on the IPO subscription results, 1,412 offer shares were allocated to each individual investor as the maximum. In the case of investors subscribing for less than this maximum amount, they were allotted the subscribed number shares.
The refund process commenced on November 25, 2018. Individual applicants were advised of their subscriptions by SMS. With the approval of the agenda of the meeting, Qamco will now be able receive its RC (registration certificate) to become a public joint stock company which will own QP’s shares in Qatar Aluminium (Qatalum), a highly profitable producer of aluminium.
Qamco has been incorporated for the sole purpose of offering investors the opportunity to invest in Qatar’s aluminium sector.
