Satyendra Pathak
Doha
The Al Mahhar Holding, which successfully listed its shares on QSE on Wednesday, gained 30 percent on the first of its trading.
Al Mahhar Holding shares were listed with the ticker MHAR. The company’s share price was floated on the first trading day. The stock’s opening price was QR2.89 and the last transaction price was QR2.6, a gain of 30 percent compared to its pre-listing close price of QR2 per share.
The highest price reached during the trading session was QR4.9 and the lowest price reached was QR2.6.
The listing ceremony was attended by several representatives from the company and Qatar’s financial market. With the listing of Al Mahhar Holding, the number of listed companies on QSE’s Venture Market (QEVM) will increase to two.
Al Mahhar Holding Company has been operating in the Qatari market since 1989 through its wholly-owned subsidiary, (Petrotec Group) to enhance the level of support provided to the energy sector.
Since then, the group’s activity has evolved into diversified activities through eleven subsidiaries, in Qatar and Kuwait, through the sale of equipment and spare parts, the provision of leased equipment for the energy and infrastructure sectors in Qatar, in addition to the provision of maintenance, repair and renewal services for the energy and infrastructure sectors.
The shares of Al Mahhar Holding were listed through the ‘Direct Listing’ mechanism, a common mechanism in all regional markets, which allows companies to be listed without an IPO. On this occasion, Qatar Stock Exchange Acting CEO Abdul Aziz Nasser Al Emadi expressed his pleasure in listing Al Mahhar Holding Company on the Qatar Exchange Venture Market (QEVM) through the direct listing mechanism.
He said, “The listing of this company will increase the depth of the market and unlock opportunities to expand our investor base and access to capital while providing investors with the opportunity to invest in leading Qatari companies.”
The QSE is making unremitting efforts to increase the number of companies listed on the stock exchange by raising awareness of the advantages of listing on the QSE’s market, Emadi said.
Starting from the second day of trading, the stock price will be allowed to fluctuate by 10 percent up and down, as is the case for other companies listed on the market.
It is worth noting that the company’s shareholders’ data have been made available to the brokerage firms as of June 4, 2023, to enable shareholders to submit their buy or sell orders directly to the brokerage firms.
Talking to media persons on the sidelines of the listing ceremony, Emadi said that the recent new amendments made to the QSE Rules Book are a side matter and have nothing to do with the listing, nor the listing requirements, indicating that the QSE doors are open for Qatari companies, the procedures are easy, and companies just need to take a step forward and start their way toward the market.
He also revealed that there are two companies that will be listed in the QSE during the upcoming period in the emerging market, in addition to other companies in the main market.
Emadi said that the listing of Al Mahhar Holding is the second listing in the emerging market as the company provides its services for the energy and infrastructure sectors in Qatar, adding that it represents a good investment option for investors.
Regarding companies moving from the emerging market to the main market, he indicated that the moving process depends on the company itself, meaning that if the company responded to the requirements and applied a request, it might proceed with moving.
He added that the emerging market provides the same benefits as the main market with fewer requirements.
