Doha Securities Market: Real estate firm to float IPO
The Doha Securities Market (DSM) obtained the final approval from the Ministry of Economy and Commerce for establishing Barwa, a real estate company, and recieved its proposed prospectus.
Barwa is a Qatari Shareholding Company, with an authorized capital equivalent to QR 2 billion.
The DSM also received a request from Barwa’s Executive Chairman to authorize the proposed prospectus which entails the founder prescribed shares – Al Diyar Investment Company, which equaled 45% of the authorized capital or equivalent to QR 900 million whereas 55% will be for IPO (Initial Public Offerings) equal to QR 1,100 million only to the Qatari citizens, an official source said.
The company’s core business activity is to practice real estate affairs to include, brokerage (buying and selling), appraisal, property management, property development, subdivision, counseling, property investment, mortgage and deed of trust liens and other areas of professions to include commercial and residential. The company will also participate in governmental real estate as well as other special purpose projects.