QNB successfully completes largest cross GCC IPO: Al Rayan Bank
Qatar National Bank (QNB), the country’s leading bank, announced that the first group of allocation certificates for subscribers to Al Rayan Bank’s initial public offering, as well as cheques for oversubscribed money, were handed over to Qatar Postal Corporation (Q-Post) for distribution.
QNB announced that it has signed an agreement with the Qatar Postal Corporation (Q-Post) in which Q-Post will mail the IPO allocation certificates and cheques for the oversubscribed amounts to stockholders of Al Rayan Bank.
The agreement was signed by Mr. Ali Ahmed Al Kuwari, General Manager, Operations and Information Technology at QNB and Mr. Ali Mohammad Al Ali, Chairman & General Manager of Q-Post.
Mr. Al Ali said: “We are glad to work with QNB, and we are committed to accomplishing our task efficiently. We want to assure stockholders across the GCC that their documents are in good hands.”
Subscribers will be able to track delivery of the shipment over the Internet via Q-Post web site: www.qpost.com.qa. by using their passports numbers. Qatari citizens can use their Identity Card number.
“Q-Post, had successfully achieved the mailing of several IPO returns in Qatar. After installing the newly acquired equipment, Q-Post has become one of the leading postal services corporations in the world,” Mr. Al Ali added.
Mr. Al Kuwari thanked Q-Post for their continuous support and assured that with the distribution of the allocation certificates and the cheques with the oversubscribed money to buyers as scheduled, QNB would have fulfilled its commitment to the largest ever IPO in the Gulf region.
Mr. Al Kuwari also expressed his appreciation for the founding committee of Al Rayan Bank for its trust in QNB as the lead underwriter.
“QNB’s successful handling of the issuance of Al Rayan’s IPO is a reflection of the bank’s solid experience in this area. The Al Rayan IPO marks QNB’s tenth IPO management project. Its seniority puts QNB in the lead of financial organizations in the Gulf capable of managing companies’ IPOs,” Mr. Al Kuwari said.
© 2006 Al Bawaba (www.albawaba.com)