Qatar Petroleum will allocate 750 free shares in Qatar Aluminium Manufacturing Company ‘QAMCO’ (currently under incorporation) to all registered Qatari beneficiaries covered by the Social Security Law.
The beneficiaries stipulated by law include the elderly, those unable to work, orphans, families in need, physically-challenged, divorced women, widows, families of prisoners, and others who belong to what may be considered as belonging to the ‘less privileged’ category.
In addition to the free QAMCO shares, members of the entitled groups can subscribe to an additional number of shares, if they wish, and pay the due share price in accordance with the Offering Memorandum. Details of the free share allocation will be finalised in consultation with the various concerned entities.
QAMCO shares will be offered at QAR 10.1, which includes the nominal value per share of QAR 10, plus offering and listing costs of QAR 0.1 per share.
Qatar Petroleum has also recently announced its plans for an Initial Public Offering of shares representing 49% of the issued share capital of QAMCO. QAMCO is set to own 50% of the total issued capital of Qatar Aluminium Limited QSC or Qatalum, a joint venture between Qatar Petroleum and the Norwegian company, Hydro.
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