Posted on January 14, 2014

Qatar Islamic Bank (QIB) – the country’s leading Islamic financial institution – has announced a scheme to provide finance, for the purchase of shares, to Qatari nationals who wish to subscribe to the Initial Public Offering (IPO) of Mesaieed Petrochemical Holding Company (MPHC).

The Bank is offering up to 100% financing for the purchase of MPHC shares in a move aimed at supporting the Government of Qatar, following a directive issued by HH the Emir, Sheikh Tamim Bin Hamad Al Thani, to encourage Qataris to invest in the country’s future and save for the long-term.

Mesaieed Petrochemical holds stakes in ventures that manufacture polyethylene, caustic soda and other chemical products. Its partner in the ventures includes US-based Chevron Phillips Chemical Company.

The wholly-owned subsidiary of Qatar Petroleum plans to raise QR3.23 billion ($886.2 million) by offering 323.19 million ordinary shares at QR10.2 per share (including the listing fee of QAR0.2) to the public, that represents a 26% stake in the company. The minimum subscription for individual investors – who must be Qatari nationals – is 50 shares and the shares can be bought in multiples of 50, up to a maximum of one million. The sale of MPHC shares closes on January 21 at 1pm, and the company is likely to be listed on the local bourse in February.

QIB is offering financing to all Qataris, and all members of the family are eligible for this offer. Up to 100% of the subscription can be financed through the Bank at highly competitive rates. Qataris can subscribe or find out more about the offer, by visiting any of the following branches:

Al Gharrafa - Al Rayyan - Salwa Road - Al Sadd – Airport – Al Wakra – Al Khor - Fanar - Muaither - Al Khretiyat - Barwa - Mesaieed – Dukhan – Modern Doha -  Hamad Al Kabeer Street (Private Banking) - C Ring (Tamayuz and Ladies’ Centres)

The Bank has also dedicated key branches to accept applications in the evenings to make it more convenient to the customers: Al Gharrafa - Al Sadd - Salwa Road - Al Matar - Al Rayyan - Al Wakra – Muaither.