{"id":39427,"date":"2017-01-02T23:36:18","date_gmt":"2017-01-02T16:36:18","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=39427"},"modified":"2017-01-02T21:15:39","modified_gmt":"2017-01-02T14:15:39","slug":"qatari-construction-firm-ihg-to-raise-more-than-dh500m-through-ipo","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/qatari-construction-firm-ihg-to-raise-more-than-dh500m-through-ipo\/","title":{"rendered":"Qatari construction firm IHG to raise more than Dh500m through IPO"},"content":{"rendered":"


\nQatar’s Investment Holding Group (IHG) plans to float on the country’s stock exchange, representing one of the first attempts by a family-owned firm to list on the exchange.The group, which is chaired by Ghanim Sultan Al Hodaifi Al Kuwari, wants to offer 49.8 million shares, or just over 10 per cent of the 490.8 million shares that it will float, to investors. It has set a price target of 10.1 Qatari riyals for the IPO, meaning that it will raise 503 million riyals (Dh507.3m).IHG’s roots stretch back to 1975. The group controls more than 30 different companies that are mainly involved in the construction industry, including a 51 per cent holding in main contractor Construction Development Contracting & Trading (CDCT), and majority stakes in Debbas Enterprise Qatar (51 per cent) and Electromechanical Engineering Company (68.5 per cent).It also owns majority shares in specialist firms in engineering consultancy, landscaping, building materials and IT equipment. One of its companies, Al Hodaifi Group, is a \u00adlocal service agent for developers and main contractors including Spanish giant Obrascon Huarte Lain, UAE developer Damac and Saudi firm Al Saad General Contracting. IHG said its decision to list on the exchange was owing to a desire to contribute to the local economy as well as broaden its shareholder base. Mr Al Hodaifi said: “Our IPO is an opportunity to show how a family-owned business has managed to grow to become one of the most comprehensive contracting businesses in \u00adQatar’s construction sector.”Wael Shtayyeh, the chief executive of IHG, said the listing represented the first case of a fam\u00adily business in Qatar transforming itself into a publicly-listed vehicle.”Given the group’s long expertise in the Qatari construction sector, consistent growth and strong performance of its subsidiary companies, in addition to the wide positive economic indicators, we are confident that there will be a strong investor response to the subscription,” he said.IHG’s shares are being offered to Qatari citizens and to local companies approved by the \u00adQatar Financial Markets Authority over a two-week period from next Sunday. The IPO is being handled by the Commercial Bank of Qatar.The market for IPOs in the GCC was fairly sluggish in 2016. According to PwC’s most recent IPO Market Watch report, only three IPOs took place across the Gulf during the first nine months of the year.Steve Drake, the head of PwC’s capital markets team in the Middle East, said: “While many companies have expressed interest in going public, they are still waiting for investor sentiment to improve.”mfahy@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Qatari construction firm IHG to raise more than Dh500m through IPO<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Qatar’s Investment Holding Group (IHG) plans to float on the country’s stock exchange, representing one...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-39427","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-afV","jetpack-related-posts":[{"id":9854,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/read-sea-buys-malaysian-modular-housing-builder-for-7-million\/","url_meta":{"origin":39427,"position":0},"title":"Read Sea buys Malaysian modular housing builder for $7 million","date":"April 3, 2016","format":false,"excerpt":"\r \r Red Sea Housing Services Company has announced that its Dubai-based subsidiary has bought a Malaysian company that specialises in building modular housing for US$7 million.The Jeddah-based company said that the deal, which will see it pay an initial $3m in cash and the rest in annual instalments, will\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":37198,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/qatar-to-spend-13-billion-on-megaprojects-in-2017\/","url_meta":{"origin":39427,"position":1},"title":"Qatar to spend $13 billion on megaprojects in 2017","date":"December 6, 2016","format":false,"excerpt":"\r Qatar will invest up to US$13 billion in major infrastructure projects next year despite a slump in revenues resulting from low energy prices, the Gulf state's finance minister said on Tuesday.Ali Shareef Al Emadi predicted growth of 3.4 per cent in 2017, in line with an International Monetary Fund\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10884,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-construction-spending-in-qatar-plunges\/","url_meta":{"origin":39427,"position":2},"title":"New construction spending in Qatar plunges","date":"April 18, 2016","format":false,"excerpt":"\r \r The value of new construction contracts awarded in Qatar during the first three months of this year fell to their lowest levels in more than five years as governments in the region cut back on infrastructure spending because of lower oil prices. According to figures from Meed, contracts\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9856,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/red-sea-buys-malaysian-modular-housing-builder-for-7-million\/","url_meta":{"origin":39427,"position":3},"title":"Red Sea buys Malaysian modular housing builder for $7 million","date":"April 3, 2016","format":false,"excerpt":"\r \r Red Sea Housing Services Company has announced that its Dubai-based subsidiary has bought a Malaysian company that specialises in building modular housing for US$7 million. The Jeddah-based company said that the deal, under which it will pay an initial $3m in cash and the rest in annual instalments,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7816,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-construction-contract-awards-in-saudi-arabia-drop-25-in-final-quarter-of-2015\/","url_meta":{"origin":39427,"position":4},"title":"New construction contract awards in Saudi Arabia drop 25% in final quarter of 2015","date":"March 13, 2016","format":false,"excerpt":"\r \r The value of new construction contracts awarded in Saudi Arabia during the fourth quarter of 2015 slumped by 25 per cent on the previous quarter to 45.6 billion Saudi riyals (Dh44.6bn), according to new research by National Commercial Bank (NCB).Its Construction Contracts Award Index showed that 62 per\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21470,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-arabia-construction-market-has-dropped-by-80-per-cent-says-al-khodari-chief\/","url_meta":{"origin":39427,"position":5},"title":"Saudi Arabia construction market has dropped by 80 per cent, says Al Khodari chief","date":"July 31, 2016","format":false,"excerpt":"\r Activity in Saudi Arabia's construction market has declined by about four-fifths, according to the head of one of the Kingdom's most prominent contracting groups.Fawwaz Al Khodari, the head of Saudi Arabia's only contracting firm whose shares are publicly traded, Al Khodari & Sons, told analysts in a call on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/39427"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=39427"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/39427\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=39427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=39427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=39427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}