By Mahmoud Gamal
Doha – Mubasher: Qatar’s Urbacon Trading & Contracting (UCC) is considering an initial public offering (IPO) worth QAR3.56 billion ($1 billion), Bloomberg wrote, adding that the Qatari company “has spoken to advisers about managing an IPO, which could occur by the fourth quarter of this year or early 2017”.
“This offering of new companies will draw the attention of so many traders as it provides new investment channels and yields strong returns” said Ali Al-Anzi, analyst at Al Mashora & Al Raya for Islamic Financial Consulting.
He added that, in spite of the negative atmosphere of GCC stock markets, listing companies on Qatar Stock Exchange (QSE) will spur trading activity and lure more investors, especially foreigners”.
The company’s operating activities are solid, as it partakes in state infrastructure projects, said Ahmed Maher, financial analyst at NAMA Economic Consulting.
“However, this move may seem untimely as equity markets suffer from limited liquidity with traders’ tendency to liquidate shares fearing a possible global economic shrinkage, Maher noted.
UCC is one of the major contractors in Qatar, as it designed and constructed the Mall of Qatar, adjacent to the 2022-world-cup football stadium, according to UCC website.
Translated By Ahmed El-Sayed Ali.
