QFIB to list on QE by year-end, says Marri
QATAR First Investment Bank (QFIB) is likely to be listed on Qatar Exchange (QE) by the end of this year. The bank would also re-adjust its authorised capital from $1 billion (QR3.65 billion) to $550 million (QR2 billion), QFIB Chairman Abdulla bin Fahad bin Ghorab al Marri said.
QFIB is the first independent Shariah compliant investment bank authorised by the Qatar Financial Centre Regulatory Authority (QFCRA).
“We will file an application with the Qatar Financial Markets Authority (QFMA) to list QFIB shares on the bourse. We are working towards fulfiling all the necessary requirements to list the bank by the fourth quarter of 2012,” Marri said at the bank’s annual general meeting, in Doha, on Tuesday.
To facilitate the listing process, the bank has decided to change the currency denomination of the bank from US dollar to Qatari riyal. “This move will align the bank with its Qatari listed counterparts in terms of financial reporting and performance evaluation,” Marri said.
Marri said the move to list the bank will provide existing shareholders the ability to trade their shares on the Qatar Exchange and will provide the QFIB with access to capital for future acquisitions and growth plans.
The chairman further said that the bank had been granted an approval by the Qatar Financial Centre Authority to upgrade its licence to category 5, which will enable the bank to provide deposit and financing services. “We will be starting these services this year. We have also decided to change the bank’s name to Qatar First Bank,” Marri said.
Commenting on the bank’s expansion plans, Marri said that Emirates National Factory for Plastics Industries (ENPI Group), which achieved good growth by introducing new product lines and opening a new facility in Abu Dhabi, is currently looking to expand in the Saudi market.
“We are currently in negotiations with a group of Saudi investors to sell a part of our share in ENPI. This will be announced in due course,” he added.
In 2011, QFIB made three acquisitions in financial services, oil and gas and food & beverage industry sectors.
It took a 10.3 percent shareholding in Watania Takaful, a newly established Islamic insurance company based in Abu Dhabi. The bank acquired share in Kuwait Energy Company. The bank also picked up 15 percent stake in a Lebanese firm Al Rifai International Holding.
The QFIB reported total income of $233.7 million (QR850.6million) and a net income of $25.8 million (QR94 million) for 2011, a 20 percent increase compared with 2010.
The total capital invested by the bank has reached $333 million (QR 1.212 billion).