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CORRECTED-Qatar Petroleum unit plans $880 mln IPO in January
December 22, 2013 / 11:11 AM / 4 years ago

CORRECTED-Qatar Petroleum unit plans $880 mln IPO in January

(Corrects share offer price to 10 riyals from 19 riyals)

DOHA, Dec 22 (Reuters) - Mesaieed Petrochemical Holding Co, a unit of state-owned energy giant Qatar Petroleum, will conduct a 3.2 billion riyal ($880 million) initial public offer of its shares in the local market in January, the finance minister said on Sunday.

It will be the first IPO on Qatar’s stock market, which was hit hard by the global financial crisis, since 2010.

The IPO will only be open to Qatari citizens. It will be conducted between Dec. 31 and Jan. 21, and trading in the shares is expected to start in February, Ali Shareef al-Emadi told a press conference announcing the offering.

The offer price of the shares will be 10 riyals each, and the IPO will comprise 26 percent of the company.

The government will buy 750 shares as a gift for each disadvantaged Qatari citizen - those receiving social insurance payments and people with special needs. ($1 = 3.6413 Qatar riyals) (Reporting by Amena Bakr, Writing by Andrew Torchia, Editing by David French)

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