Corporate investors and individuals own 67.5%, 32.5% of shares on offer
As part of its commitment to transparency, Mazaya Qatar Real Estate Development (QSC) announced that its QAR 500 million IPO was fully subscribed. The company, which issued 50 million shares for initial public offering at a nominal value of QAR10 to raise its paid up capital to QAR1 billion, said that subscribers are divided into three categories:
|
Percentage % |
Category |
|
28.5% |
Mazaya Qatar’s founders |
|
39 % |
Other Qatari corporate shareholders |
|
32.5% |
Qatari individual shareholders |
|
100% |
Total |
Corporate shareholders own 67.5% of the company’s shares, while individual shareholders own 32.5%. 100% of the subscribed shares will be allocated to these subscribers as no oversubscription was reported and no refund will be made.
The results show that the IPO was subscribed by only 4% in the first week with QAR 22 million. However, during the last week of the subscription period investors appetites increased and QAR 478 million was rasied, making up the remaining 96% of the total subscription.
Speaking on the occasion, Mr. Seraj Al Baker, CEO of Mazaya Qatar Real Estate Development (QSC), expressed satisfaction over the results, especially considering the challenging times faced by global financial markets. He emphasized the promising potential of the Qatari real estate market and the rewarding opportunities available for investors in this market.
In addition, he said that Mazaya Qatar is currently focusing on low risk projects. The company is also engaged in a number of mega-projects that will meet the needs of the Qatari real estate market, support the stability of the company over the coming years, and ensure a good return on investment for the company and shareholders.
Mazaya Qatar’s IPO, the first in Qatar in 2010, took place from 17 – 31 January 2010.
