Qatar regulator approves listing of 49 per cent of Qatalum shares in a public offering

Qatar Aluminum or Qatalum, a JV between Qatar Petroleum and Hydro Aluminium of Norway plans to sell 49 per cent of its shares in a public offering on Oct. 30. The state news agency QNA reported the news today. Norsk Hydro owns 50 per cent stake of Qatalum in the joint venture.

State energy major and fifty per cent owner of Qatalum, Qatar Petroleum announced in May that it will list 49 per cent of its shares in the aluminium smelter plant Qatalum in a public offering during the last quarter of 2018. Qatar’s Financial Markets Authority had approved a request to publicly list shares of Qatar Aluminium (Qatalum) last week.

The public offering will be priced at 10.1 Qatari riyals (US$2.77) a share, Qatar Petroleum said in a separate statement.

Qatalum produces about 643,500 tons of primary aluminium products per annum. Qatalum’s complex facilities include a carbon plant, port and storage facilities, as well as a captive power plant.

Qatalum’s state-of-the-art cast house products are value-added extrusion ingots and foundry alloys that meet the stringent quality standards of its global customer base.

The move is an outcome of the directives of the Amir His Highness Sheikh Tamim bin Hamad al-Thani to offer Qatari nationals shares in state-sponsored companies that enjoy safe investment environment and lucrative returns.

This is directed towards implementing the Qatar National Vision 2030's goals in developing a diverse and competitive national economy capable of securing a high standard of living.

($1 = 3.6400 Qatar riyals)