Qatar Exchange (QE) dealers are eagerly counting down to the long-awaited listing of the shares of Mazaya Qatar Real Estate Development Q.S.C. on the Exchange which is now scheduled for the 17th October 2010.
Mazaya Qatar’s listing application followed the full subscription of the company’s QR500 million initial public offering (IPO), during which it put up 50 million shares, representing 50 percent of its total capital, at a nominal value per share of QR10. The IPO raised QR500 million, increasing Mazaya Qatar’s capital to QR1 billion.
Company Chairman Rashid Fahad Al Naimi said, “Mazaya Qatar’s willingness to list our shares on the market at this particular time, following the approval of the Qatar Financial Markets Authority and the Qatar Exchange, reflects the market’s ongoing recovery and positive momentum, as well as demonstrating its ability to generate a lot of attractive opportunities, further highlighting its stability and resilience amidst changing economic conditions”.
“We are confident of our ability to compete and excel in the market. The subscription of the shares offered for IPO demonstrates the region’s faith in Mazaya Qatar’s proven track record of experience and success, and also our increasing growth and ability to carry out all the plans and strategies over the short, medium and long terms,” Al Naimi added.
Experts at the Qatar Financial Markets Authority confirmed that the listing of Mazaya Qatar’s shares on the Qatari market will give positive impetus to the ongoing trading, due to the company’s excellent reputation within investment communities in general, and the real estate sector in particular. Mazaya Qatar’s entry into the Qatari market constitutes an additional mark of success, as the company already has strategies in place to carry out its future projects. Mazaya Qatar’s shares are expected to have a notable presence in the market, and to affect the current rank of the region’s major industrial companies.
