FROM LEFT: Khalil Jabra Dughbaj, IHG board member, Wael Shtayyeh, CEO, board member IHG, Mohammad Ghanim Al Hodaifi Al Kuwari, board member IHG and Walid Saadi, Managing Partner, Pkf, Listing adviser and Offering manager at the press conference in Doha ye
Qatar's major family business Investment Holding Group (IHG), which has completed all preparations for going public on January 8, announced yesterday that it has major plans for expansion and development within the country.
The IHG, which has received regulatory approvals to list 60 percent of the Group’s QR830m paid-up share capital through an Initial Public Offering (IPO), expressed its confidence to sustain the company’s revenue and profitability. “We have several expansion plans in Qatar for over the next 2-3 years, which will be concentrated in infrastructure projects”, Wael Shtayyeh, CEO of IHG, told reporters on the sidelines of a press conference yesterday.
“We believe on the Qatari market and have strong confidence based on the development plans of the government, which is committed to increasing public spending”, Shtayyeh added.He said that the Qatari economy, bolstered by the government support, will continue growing in real term, which will help sustain IHG’s business activities that have been growing steadily over the years.
IHG has become the first Qatari family-onwed business to receive approval from Qatar Financial Markets Authority (QFMA) to list its shares on the Qatar Stock Exchange. The IPO subscription will open for two weeks starting January 8 and ending on January 22. Asked about the expected amount of capital expenditure on new projects, Shtayyeh said: “It will be difficult to provide any figure as of now given the fact it is subject to approvals from the General Assembly (GA).”
He also said that the Company has several projects to put before the GA meeting which will decide and approve the part of or all of the planned projects that will determine the exact amount of capital. Commenting on the Company’s top-line and bottom-line growth over the last few year, he said that specialised engineering services and infrastructure have been some of the best performing divisions of the group.
In a statement, Ghanim Sultan Al Hodaifi, Chairman of IHG stressed that the diversity of Group's business activities helped achieve steady return on investments, and the IHG brand reflects strength of local business sector.
