Qamco would own QP’s 50% shares in Qatalum; shares to trade on QSE from December 10

Qatar Petroleum's Qatar Aluminium Manufacturing Company or Qamco shares will start trading on QSE from December 10. According to the discussions that took place in Qamco’s first general assembly meeting on December 2, the shares of Qamco are expected to begin trading on the Qatar Stock Exchange (QSE) from December 10, 2018.

In October, Qamco, the Qatari public joint stock company announced its plans to sell 49 per cent of its shares in a public offering. The AGM was held after the successful completion of the initial public offering (IPO) process recently, which was oversubscribed. The board also received an approval for the Memorandum of Association and Articles of Association to constitute the Company.

The meeting, presided over by Abdulrahman Ahmad Al Shaibi, Chairman of Qamco, also approved the appointment of EY as external auditor for Qamco. A company official, on condition of anonymity, said that the company is also expected to distribute dividends to new shareholders of Qamco for the year 2018. The CEO disclosed that profits from Qatalum for the second half of this year will be distributed among the new shareholders.

After the completion of the IPO process, Qatar Petroleum owns 51 percent stake in Qamco, and the balance 49 per cent remains with the public. With the approval of the agenda of the AGM, Qamco would become a public joint stock company which will own QP’s 50% shares in Qatar Aluminium (Qatalum), a leading producer of aluminium. Qatalum is a joint venture formed between Qatar Petroleum and the Norwegian company, Hydro.

Qamco was formed with the aim of offering investors the opportunity to invest in Qatar’s aluminium sector.