Satyendra Pathak
Doha
The Damaan Islamic Insurance Company (Beema) on Monday became the first company to be listed on the main market of the Qatar Stock Exchange (QSE) through the direct listing mechanism.
Successfully listed in the insurance sector with the ticker BEMA, the Beema shares made a stellar debut on QSE’s main market as the stock price surged more than 20 percent over the listing price of QR4.21 per share soon after the trading began for the day. The share price, however, shed initial gains and settled with a rise of over 2 percent at the close of the trade for the day.
With the company’s share price floating on the first trading day, the stock opened with the price of QR5.006, rose to the day-high of QR5.6 and the last transaction price was QR4.295. The lowest price reached during the day was QR4.250.
Starting from the second day of trading, the stock price will be allowed to fluctuate by 10 percent up and down, as is the case for other companies listed on the market.
With the listing of BEEMA, the number of listed companies on QSE’s main market will increase to 49.
The listing ceremony was attended by several representatives from the company and Qatar’s financial market.
The shares of Beema were listed through the “Direct Listing” mechanism, a common mechanism in all regional markets, which allows companies to be listed without an IPO.
Talking to Qatar Tribune on the occasion, Qatar Stock Exchange Acting CEO Abdul Aziz Nasser Al Emadi expressed his pleasure on Beema becoming the first company to be listed on its main market through the direct listing mechanism.
He said, “As a stock exchange, we are really happy that a good company in an important sector has been listed. It’s a very good time to start and I am sure that it the direct listing method will encourage many more companies to list on the stock exchange.”
“The listing of this company will increase the depth of the market and unlock opportunities to expand our investor base and access to capital while providing investors with the opportunity to invest in leading Qatari companies,” he said.
The QSE is making unremitting efforts to increase the number of companies listed on the stock exchange by raising awareness of the advantages of listing on the QSE’s market, Emadi said.
Emadi said that Meeza, Dukhan Bank and one listing in the venture market is expected soon this year
Commenting on the performance of Beema shares on the first day of its listing, Beema Chief Operating Officer G Hari Krishnan said, “We are glad that Beema is the first company to be listed on the Qatar Stock Exchange this year. We are really happy with the way things are going after the listing. Given the initial excitement, there will be fluctuations in the price and we are sure it will stabilise in the time to come.”
“Beema has a great future and it has got lots of value addition to the investors for sure. If you look at the history of Beema, it has been very successful right from its inception,” Krishnan said.
It is worth noting that the company’s shareholders’ data have been made available to the brokerage firms as of Tuesday, January 10, 2023, to enable shareholders to submit their buy/sell orders directly to the brokerage firms.
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 of Islamic Sharia.
