Qatar’s IGH announces major expansion plans

QATARI company Investment Holding Group (IHG), which has completed all preparations for going public on Sunday, has announced that it has major plans for expansion and development within the country. The IHG, which has received regulatory approvals to list 60 percent of the group’s 830-million-riyal paid-up capital through an initial public offering (IPO), expressed its confidence to sustain the company’s profitability. [caption id="attachment_110546" align="alignright"] Mohamad Ghanim Sultan Al-Hodaifi, IHG board member, reads a statement at a press conference in Doha on Thursday. — Courtesy photos
[/caption] Ghanim Sultan Al-Hodaifi, chairman of IHG, stressed that the diversity of group’s business activities helped achieve steady return on investments and the IHG brand reflects strength of the local business sector. “IHG has a proven track record of achieving robust results and is now moving into its next phase of growth. Over the past 40 years it has not only established itself as a strong presence in the Qatari business sector but as a reliable investment platform owning diverse commercial and construction business activities,” Al-Hodaifi told a press conference in Doha on Thursday. “We have achieved steady growth over the years and through this IPO our management will continue to deliver on IHG’s strategy to enhance market competitiveness, ensure we are in line with Qatar’s development boom and help meet the objectives of the Qatar National Vision 2030,” he said in a statement read out by Mohamad Ghanim Sultan Al-Hodaifi, IHG board member. Wael Shtayyeh, CEO of IHG, disclosed the company’s expansion plans in Qatar over the next three years. “We believe in the Qatari market and have strong confidence based on development plans of the government, which is committed to increasing public spending,” Shtayyeh said. He said the Qatari economy, bolstered by the government support, will continue growing in real term, which will help sustain IHG’s business activities that have been growing steadily over the years. IHG has become the first Qatari family-owned business to receive approval from Qatar Financial Markets Authority (QFMA) to list its shares on the country’s stock exchange. The IPO subscription will open for two weeks from Jan. 8 to Jan. 22. Shtayyeh said all preparations related to receiving subscription offers are complete. He said individual Qatari citizens, Qatari companies registered in the country or companies incorporated in Qatar and listed on the Qatari Stock Exchange can submit offers through banks. The minimum application by an individual or institutional investor is set at 500 shares. Any application exceeding the minimum application shall be in groups of 100 shares. The minimum application by a cornerstone investor is set at 1,000,000 shares, with the option of acquiring additional tranches of 100,000 shares over the minimum level. Commenting on the company’s top-line and bottom-line growth over the last few years, Shtayyeh said specialized engineering services and infrastructure have been some of the best performing divisions of the group. — SG