x Abu Dhabi, UAEThursday 27 July 2017

Shares in Qatar’s Aamal energised by cash raising moves

Market Wrap: Qatar's Aamal soares to its 4 month high after the company which makes industrial materials including electric cables said it plans to raise its free float by 24 per cent by offering global depository receipts - with video.

Qatar’s Aamal soared to its four-month high after the company, which makes industrial materials including electric cables, said it plans to raise its free float to 24 per cent by offering global depository receipts.

Shares of Aamal rose 8 per cent to 19.81 Qatari rials a share.

The company said the offer will “further enhance the liquidity and profile of the company’s shares among international institutional investors seeking high-quality exposure to Qatar’s rapid economic growth,” in a filing to the Qatar Exchange.

Citigroup and HSBC Holdings are joint global coordinators and book runners, and Arab African International Bank is the co-lead manager.
The last trading day of the week in the UAE was somewhat subdued. The Abu Dhabi Securities Exchange General Index was unchanged at 2659.86 points, while the Dubai Financial Market General Index was down 0.2 per cent to 1585.57 points.

Elsewhere in the region, Kuwait’s measure was down 0.2 per cent to 6473.20. Bahrain’s index was unchanged at 1375.37. Oman’s index lost 0.2 per cent to 6019.37. The Saudi Tadawul All-Share Index was closed for the day.