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Satyendra Pathak
Doha
Baladna Company is all set to be listed on Qatar Stock Exchange (QSE) on December 11 this year after the company’s constitutive general assembly gave its nod for the final establishment of the company in Doha on Tuesday.
Mohamad Moataz Mhd Ruslan al Khayat, whose name was approved as the chairman of the Baladna Company by the constitutive general assembly, announced the completion of the procedures for the incorporation of the company at the conclusion of the meeting.
Talking to Qatar Tribune on the sidelines of the constitutive general assembly, Baladna Company Board Member Ramez Mhd Rusian al Khayyat said the board members were overwhelmed with the positive response the company’s IPO received from the Qatari retail and corporate investors.
“The IPO was oversubscribed and the response from investors was more than expected. We have more than 58,000 Qatari subscribers, which is overwhelming,” he said.
“All process to list the company on Qatar’s stock exchange has been completed smoothly and now we are gearing up for next phase of expansion. We are going to expand year by year,” he said.
Ramez said the company will receive 2,500 more cows from America in January and February next year.
Already the largest dairy and beverage company in Qatar, Baladna currently has approximately 18,000 cows housed in two farms spread over a total area of more than 2 million square meters. With the arrival of 2,500 more cows, the company’s herd of cows will grow to approximately 20,500 next year.
“The new arrivals will raise our overall production of dairy products to 450 tonnes per day,” he said.
Ramez said the company is also working to treble the production of juices and add 50 new products this year and 50 more next year.
“We are currently producing 10 types of cheese and next year the variety of cheese produced by us will reach 20,” he said.
Besides meeting the local demand, Ramez said, the company has already started to export its products to Iraq and other Asia markets.
“We also have plans to set up our own dairy farms in such countries. We have already got approval to set up dairy farm in Malaysia. We will look for opportunities in other markets as well,” he said.
Earlier the assembly approved the valuation of the fair market value of the shares provided by the founders at QR475,250,000. “These shares do not include a premium or goodwill, but there is a discount in favour of shareholders,” a statement issued by the company said.
The assembly approved the appointment of the first board of directors comprising ofMohamad Moataz Mhd Ruslan al Khayyat as chairman, Mohammed Badr al Sada as vice chairman and Sheikh Faleh bin Nasser bin Ahmad al-Thani, Hamad bin Abdullah bin Khalid al Attiyah, Ramez Mhd Ruslan al Khayyat and Mazen Alsbeti as members, Aidan Tynan as independent member and Adnan Ali Staitieh as advisor of the board.
The assembly approved the appointment of Moore Qatar as auditors for the year 2020 for a fee of QR90,000 and authorised the board to formulate a policy to repurchase the company’s shares when necessary and in accordance with the controls determined by the Qatar Financial Markets Authority and take the necessary measures in this regard.
The initial public offering (IPO) of Baladna aimed to raise QR1.43 billion was reportedly oversubscribed. The offer, which comprised 1.43 billion new shares at QR1.01 a piece including listing fees of QR0.01 and represented 75 percent of the share capital.
The 75 percent IPO included 52 percent or 988.52 million shares to individual and corporate investors and 23 percent or 437.23 million shares to ‘strategic’ investors such as General Retirement and Social Insurance Authority (10 percent), Hassad Food (5 percent), Al Meera Consumer Goods (4 percent), and Mwani Qatar and Widam Food (2 percent each).
Doha
Baladna Company is all set to be listed on Qatar Stock Exchange (QSE) on December 11 this year after the company’s constitutive general assembly gave its nod for the final establishment of the company in Doha on Tuesday.
Mohamad Moataz Mhd Ruslan al Khayat, whose name was approved as the chairman of the Baladna Company by the constitutive general assembly, announced the completion of the procedures for the incorporation of the company at the conclusion of the meeting.
Talking to Qatar Tribune on the sidelines of the constitutive general assembly, Baladna Company Board Member Ramez Mhd Rusian al Khayyat said the board members were overwhelmed with the positive response the company’s IPO received from the Qatari retail and corporate investors.
“The IPO was oversubscribed and the response from investors was more than expected. We have more than 58,000 Qatari subscribers, which is overwhelming,” he said.
“All process to list the company on Qatar’s stock exchange has been completed smoothly and now we are gearing up for next phase of expansion. We are going to expand year by year,” he said.
Ramez said the company will receive 2,500 more cows from America in January and February next year.
Already the largest dairy and beverage company in Qatar, Baladna currently has approximately 18,000 cows housed in two farms spread over a total area of more than 2 million square meters. With the arrival of 2,500 more cows, the company’s herd of cows will grow to approximately 20,500 next year.
“The new arrivals will raise our overall production of dairy products to 450 tonnes per day,” he said.
Ramez said the company is also working to treble the production of juices and add 50 new products this year and 50 more next year.
“We are currently producing 10 types of cheese and next year the variety of cheese produced by us will reach 20,” he said.
Besides meeting the local demand, Ramez said, the company has already started to export its products to Iraq and other Asia markets.
“We also have plans to set up our own dairy farms in such countries. We have already got approval to set up dairy farm in Malaysia. We will look for opportunities in other markets as well,” he said.
Earlier the assembly approved the valuation of the fair market value of the shares provided by the founders at QR475,250,000. “These shares do not include a premium or goodwill, but there is a discount in favour of shareholders,” a statement issued by the company said.
The assembly approved the appointment of the first board of directors comprising ofMohamad Moataz Mhd Ruslan al Khayyat as chairman, Mohammed Badr al Sada as vice chairman and Sheikh Faleh bin Nasser bin Ahmad al-Thani, Hamad bin Abdullah bin Khalid al Attiyah, Ramez Mhd Ruslan al Khayyat and Mazen Alsbeti as members, Aidan Tynan as independent member and Adnan Ali Staitieh as advisor of the board.
The assembly approved the appointment of Moore Qatar as auditors for the year 2020 for a fee of QR90,000 and authorised the board to formulate a policy to repurchase the company’s shares when necessary and in accordance with the controls determined by the Qatar Financial Markets Authority and take the necessary measures in this regard.
The initial public offering (IPO) of Baladna aimed to raise QR1.43 billion was reportedly oversubscribed. The offer, which comprised 1.43 billion new shares at QR1.01 a piece including listing fees of QR0.01 and represented 75 percent of the share capital.
The 75 percent IPO included 52 percent or 988.52 million shares to individual and corporate investors and 23 percent or 437.23 million shares to ‘strategic’ investors such as General Retirement and Social Insurance Authority (10 percent), Hassad Food (5 percent), Al Meera Consumer Goods (4 percent), and Mwani Qatar and Widam Food (2 percent each).
