Tribune News Network
Doha
Qatar Stock Exchange (QSE) on Wednesday announced that the shares of Damaan Islamic Insurance Company (Beema) will be admitted to trading on QSE’s main market as of January 16, 2023, after obtaining the QFMA’s and the QSE’s board approval thereon, and after completing all necessary technical, regulatory, and administrative procedures.
With the listing of Beema, the number of listed companies on QSE’s main market will increase to 49.
Following the adoption of new measures that would encourage more companies to list on QSE’s market, all of Beema’s share capital, amounting to 200 million shares, will be listed through direct listing without offering Beema’s shares for public subscription, which requires the presence of at least 100 shareholders who own no less than 25 percent of the company’s capital upon listing, according to the offering and listing regulations issued by the QFMA, which was adopted as of April 1, 2021.
In a statement issued on the occasion, QSE said, “The QSE takes this opportunity to express its thanks to the Qatar Financial Markets Authority (QFMA) for supporting the QSE and its constant efforts to develop the rules and regulations in force in the market.”
The Beema’s shares will be listed with the symbol ‘BEMA’ in the insurance sector, and the Beema’s price will be floating on the first day of listing, while starting from the second day, the price will be allowed to fluctuate by 10 percent, up or down, as is the case for other companies listed in the market.
There will be no change in the time of the trading session during the first day of listing and the pre-open period will remain at 9 am as usual.
The data of the company’s subscribed shareholders will be available to the brokerage firms as of Tuesday 10, January 2023, so the shareholders will be able to submit their buy/sell orders directly to the brokers as of that date.
The Qatar Stock Exchange would like to draw the attention of investors to the importance of reviewing Beema’s listing prospectus, which is available on QSE’s and Beema’s websites.
The Beema was established on October 18, 2009 with an authorised capital of QR200 million, which is 100 percent fully paid. The company’s main objective is to carry out insurance and reinsurance business of all kinds and invest capital and assets in the manner approved by the Board of Directors, in accordance with the provisions and rules ofIslamic Sharia.
