Qatar Petroleum today announced that is has raised QAR 8,900 million from around 166 thousand Qatari investors who subscribed to the Initial Public Offering of Gulf International Services Q.S.C (GIS).
The offer share price was set at QR21 per offer share, with offering costs of QR0.6. Each valid subscriber is guaranteed to receive 250 shares of the 80,844,700 shares, and for those subscribers who requested more, they will further receive around 10% of their subscription above the 250 minimum. Potential investors were able to apply for a maximum of 10,000 shares. The deadline date for refunding the surplus subscription money to the Qatari subscribers is. 26 March 2008.
GIS is a newly established holding company comprising Al Koot Insurance and Reinsurance Company S.A.Q (Al Koot), Gulf Drilling International Limited Q.S.C (GDI) and Gulf Helicopter Company Q.S.C (GHC).
The Financial Advisor and Lead Manager for the IPO is HSBC Bank Middle East Limited, with Norton Rose and the Law Offices of Manna Nasser Saleh Advocates & Legal Consultants acting as legal counsel. Qatar National Bank is the Lead Receiving Bank.
Further information about the IPO can be found at: http://www.qp.com.qa/gis-ipo
Notes to Editors:
Gulf International Services QSC
GIS is a holding company created to maximize the potential revenue opportunity from the provision of services to the national and international oil and gas industry. Thanks to its close links to Qatar Petroleum and the QP Group, GIS is well-situated to become a leading force in this industry. Qatar Petroleum will continue to hold approximately 30% of the GIS share capital.
Currently three portfolio companies are held under GIS – Al Koot, which provides a range of insurance and reinsurance services to Qatar Petroleum and the QP Group across operations, onshore/offshore and marine sectors; GDI which provides drilling related services to the QP Group and international co-ventures and GHC; the sole provider of helicopter transportation services in Qatar.
Qatar Petroleum
Qatar Petroleum (QP), formerly Qatar General Petroleum Corporation, is a state-owned corporation established by Emiri Decree in 1974, with responsibility for all phases of the oil and gas industry in Qatar, covering exploration, drilling and production operations, transport, storage, and sale of crude oil, natural gas liquids, liquefied natural gas, gas-to-liquids, refined products, petrochemicals and fertilizers, and providing helicopter and other services.
