Al Mahhar to list on QSE

2 min read
A front view of Qatar Stock Exchange in Doha. (QNA)
  • Firms wanting to list in the QEVM category need to have at least 20 non-funding shareholders who own no less than 10% of the company's capital upon listing
  • Upon listing the company's founders have permission to sell and trade no more than 30% of their shares, provided they retain 60% of their shares

Doha, Qatar— Al Mahhar Holding will begin trading on Qatar Stock Exchange’s Venture Market from June 7, after obtaining necessary approvals and completing all technical, regulatory, and administrative procedures.

With the listing of Al Mahhar Holding, the number of companies listed on QSE’s QEVM market will increase to two.

Companies applying for listing in the QEVM are required to have at least 20 non-founding shareholders who own no less than 10% of the company’s capital upon listing.

All Al Mahhar Holding share capital, amounting to 207 million shares, will be listed through direct listing without offering shares for public subscription.

The founders will also be allowed to sell and trade no more than 30% of their shares in the company’s capital upon listing, provided that they retain 60% of their shares in the company’s capital.

The shares of Al Mahhar Holding will be listed with the symbol “MHAR”. The reference price for the share was set at 2 Qatari riyals (1 Qatari riyal nominal value + 1 Qatari riyal issuance premium) based on the documents submitted by the company.

On the first day of listing, the company’s price will be floated, while starting from the second day, the price will be allowed to fluctuate by 10%, up or down, as is the case for other companies listed on the market.

The data of the company’s shareholders will be available to the brokerage firms as of Sunday 4 June 2023, so the shareholders will be able to submit their buy/sell orders directly to the brokers as of that date.

It is noteworthy that Al Mahar Holding Company has been operating in the Qatari market since 1989 through its wholly owned subsidiary, (Petrotec Group) W.L.L. to enhance the level of support provided to the energy sector.

Since then, the group’s activity has evolved into diversified activities through eleven subsidiaries, in the State of Qatar and Kuwait, through the sale of equipment and spare parts, the provision of leased equipment for the energy and infrastructure sectors in Qatar, in addition to the provision of maintenance, repair and renewal services for the energy and infrastructure sectors.