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Growing interest among family firms to go public: Mansoori.

QNA Doha There has been a growing interest among family businesses to turn into public shareholding companies, Qatar Stock Exchange (QSE) CEO, Rashid bin Ali al Mansoori has said. He said a number of family companies that applied for listing on the QSE are currently at an advanced stage and QSE is ready to receive such requests, either in the main market or the emerging businesses market that lists small and medium sized enterprises (SMEs). Speaking on the sidelines of the ceremony on Monday to mark the listing of Investment Holding Group (IHG) on QSE, which took the number of listed companies to 45, Mansoori said one more company is ready to be listed, but he did not set a timeframe for the process. He added that the investment funds of Doha Bank and Masraf Al Rayyan are also gearing up for listing this year. Mansoori highlighted the growing interest of international portfolios to invest in the QSE, with the number increasing this month to more than 70. As for the listing of SMEs, Mansoori said QSE is ready to receive and list them, noting that a group of them have already applied to be listed on the bourse. Expressing his happiness over listing of IHG, the QSE CEO stressed the new addition would increase the depth of QSE and provide investors with a new opportunity and an additional choice to what they currently have in the different sectors. He noted that QSE is working tirelessly to increase the number of listed companies by raising awareness of the benefits of listing in financial markets so as to finance the growth of companies to cope with the developments in the country. Mansoori said QSE hopes the listing of IHG would be a starting point for redrawing the interest of government, closed and family companies to turn into shareholding companies whose shares are offered for the public and also the listing of the different financial tools, including traded funds and corporate bonds. He added that the listing of the company is a proof of strength of the Qatari economy and the keenness of family companies for being listed in the Qatari market, which is one of the biggest Middle East emerging markets listed on the Morgan Stanley Capital International (MSCI) index. QSE Director of the Listing Department, Abdulaziz Nasser al Emadi, highlighted several advantages that family businesses can get through listing on the stock exchange, including financing and advertising. QSE is ready to provide any service, whether educational, advisory or other services that can help family businesses in the listing processes, he said. He noted that the conditions of listing on QSE are very easy and attractive, adding that companies wishing to be listed should take positive and serious steps in this regard and that QSE is ready to cooperate with any company wishing to be listed. The current time is very suitable for listing on the stock exchange. All conditions are positive, healthy and the state's economy is in good shape, Emadi pointed out. Mohammed Ghanim al Hudaifi, board member and deputy CEO of IHG, said the group's listing on QSE is a positive step for the benefit of investors and urged other family businesses go for listing as well. Hudaifi noted that the board of directors will meet next week to study a proposal to distribute 3 percent to shareholders for the profits of 2016. Underlining the listing as a milestone in the history of IHG, Hudaifi called on family businesses to list on QSE, which has many investment advantages with advanced infrastructure. The capital of IHG is QR830 million divided into 83 million shares. The nominal value per share is QR10 and all shares are fully paid. The group's main activity is to act as a holding company as the legal owner of a group of companies.

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Publication:Qatar Tribune (Doha, Qatar)
Date:Aug 15, 2017
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