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Monday, March 24, 2008

IPO of Qatar Petroleum’s new company oversubscribed five times.


Source: IntelliNews - Middle East and North Africa Today




IPO of Qatar Petroleum’s new company oversubscribed five times. Investors subscribed for QAR 8.9bn (USD 2.45bn) in the initial public offering (IPO) launched by Qatar Petroleum for its new holding company Gulf International Services, Reuters reported. The offers were five times more than what QP expected, as the company previously aimed to raise only QAR 1.7bn (USD 0.5bn). In February, the QP said it would sell a 65.8% stake in the new firm and retain 30%, while another 4.2% stake will be reserved for selected institutions. Gulf International Services is a holding company, which includes Gulf Helicopter, Gulf Drilling and Al-Koot Insurance and Reinsurance







 
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