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Rahul Preeth
Doha
Baladna on Thursday made official its plans to float 75 percent of Qatar’s largest dairy and beverages company on the Qatar Stock Exchange, seeking to raise as much as QR1.4 billion through the initial public offering (IPO).
The IPO of the Baladna Food Industries (BFI) will open for subscription on October 27 and will close on November 7, an official statement said on Thursday, noting that the offering is open only to citizens and Qatari firms.
The company is expected to be incorporated on November 26, 2019, with its shares likely to be listed on December 11.
The stocks are being offered at QR 1.01 per share (the offer price), representing the nominal value of QR1 per share and QR0.01 for the offering and listing expenses.
Of the 75 percent up for grabs, 52 percent are available to eligible individual and corporate investors. New strategic investors have already committed to the remaining 23 percent. They comprise General Retirement and Social Insurance Authority (GRSIA) with 10 percent, Hassad Food with 5 percent, Al Meera with 4 percent and Qatar Ports Management Company (Mwani Qatar) and Widam Food with 2 percent each.
According to Baladna, the founding shareholders will transfer 100 percent of BFI’s issued share capital to Baladna upon its final incorporation.
In return, the founders will receive, as consideration for the transfer of the BFI shares, 25 percent of the company’s share capital, the statement said.
“The time is ripe for this IPO, which reflects Baladna’s commitment to providing the highest value to consumers by continuing to share its successes with the community,” said Baladna’s Vice Chairman Ramez al Khayyat.
BFI is Qatar’s largest dairy and beverages company. Its herd of cows has grown to approximately 18,000 heads, housed in two farms spread over 2 million square metres.
After the Saudi-led quartet imposed an unjust blockade on Qatar in 2017, closing its only land border through which the majority of Qatar’s everyday goods used to come, Baladna flew in thousands of cows to help Qatar achieve self-sufficiency in dairy products.
“In its barns, plants and factories, BFI implements international best practice in veterinary care, hygiene and food safety to maintain the highest quality of fresh produce, so that in 2017, mid-blockade, BFI proactively made Qatar self-sufficient in fresh milk,” the company said.
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18/10/2019
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