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Financials

Qatar First Bank (QFB) announces second Qatar share float since 2010

DOHA, April 20 (Reuters) - Qatar First Bank (QFB) will list shares on the Qatar exchange on Sunday, a bourse statement said, in what will be only the second flotation on Qatar’s stock market since 2010.

The sharia-compliant financial institution which has long been linked with a flotation has only put its shares onto the bourse to trade and will raise no new money from the event, the bank’s chief executive Ziad Makkawi told Reuters.

The reference price of the shares will be QR 15 on the opening day with a fluctuation of 30 percent, said a Qatar Stock Exchange statement.

A boutique investment bank traditionally focused on wealth and asset management and private equity, targeting investments in energy, real estate and financial services across the Middle East and Africa, QFB launched a private banking service in December.

The bank has approximatelly 1,600 shareholders.

The move was not related to difficulties in its private equity work or economic downturn in the Gulf Arab state, Makkawi told Reuters in December.

Makkawi described the banking environment in the Gulf as “challenging” and said that investors were behaving cautiously at a time of low oil prices and a liquidity crunch. (Reporting by Tom Finn; Editing by Greg Mahlich)

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