The Qatar Stock Exchange (QSE) announced today that, in view of the approval for listing given by Qatar Financial Markets Authority “QFMA”, the shares of “Mekdam Holding Group” (“Mekdam”) will be admitted to trading on QSE Venture Market (QEVM) as of Monday, August 02, 2021, after completing all the necessary technical and administrative procedures. “Mekdam Holding Group” will become the second company to be listed on QSE Venture Market (“QEVM”) dedicated for SME’s.

“Mekdam” will be traded in the same manner as those on the main market in terms of order types, corporate actions and Settlement/ Clearing arrangements. Pricing of Mekdam shares is exactly the same as pricing mechanism of the stocks listed on the main market. Investors do not need to obtain new investor number to trade on Mekdam shares since no new investor numbers (NIN’s) are required to be issued for the investors who have already existing numbers. The orders on the QEVM are executed through the brokers licensed by QFMA.

The shares of Mekdam will be listed with the symbol “MKDM”. The company's share price will be floated on the first day of trading, while it will be allowed to fluctuate by 10% up and down starting from the second day of trading of the company's shares.  The founders’ data will be made available to the brokerage firms as of Wednesday 28/07/2021 in preparation for trading of the company’s shares in order to allow them to receive buy and sell orders. The company will be listed on the second market “QE Venture Market” using the direct listing option.

There will be no change in the timing of the trading session on the listing day. Brokerage firms will be allowed to enter buy and sell orders on the company's shares for the pre-open period, as is usual at 9:00 AM.

The “QEVM” will follow the same continuous trading pattern as the main market. The tick sizes for the QEVM Equities will be the same as those for the main market. The stock quotes of the QEVM will be shown on a separate market watch at QSE website and independent from the main market screens. Trading volumes and other relevant data for the QEVM will be reported on the QSE website on a daily basis.

Mr. Rashid bin Ali Al Mansoori, CEO of  Qatar Stock Exchange, welcomed the listing of “Mekdam” on the  QE Venture Market (QEVM) which provides a listing and trading venue for SME’s that do not fulfil listing requirement of the main market. The QEVM provides an alternative route to market for the SME’s who need the access to capital that being listed entails.

Mr. Al Mansoori said that “The launch of the new market came within the framework of QSE’s vision and strategy aimed at diversifying investment options and products available to individual and institutional investors.” He stressed on QSE’s pioneering role in providing financing and expansion opportunities for growing Qatari SME’s, in line with Qatar National Vision 2030 and the State’s economic diversification policy”.

The QEVM provides SME’s with many advantages as it allows them to diversify sources of funding through access to permanent equity capital whilst offering liquidity to financial, family or minority shareholders as well as visibility, Al-Mansoori explained.

The QEVM is characterized by the flexibility of the listing requirements which suit smaller entrepreneurial companies with a more limited track record and fewer resources to meet the heightened investor relations and corporate governance practices demanded in the Main Market, Al-Mansoori added.

Mr. Abdulaziz Nasser Al-Emadi, Director of QSE’s Listing Department, welcomed the listing of Mekdam Holding Group  in the “QEVM”. He expressed confidence that further companies will join the QEVM in the coming period and indicated that the companies eligible to join the QEVM should have an issued capital not below QR 2million, and number of shareholders not less than 20 who own no less than 10% of its capital upon the listing.

“The launch of the new market was a result of the strategic initiatives and intense efforts made by the QSE over the past years to develop Qatar’s capital market through continuous consultations with private and family-owned companies to identify their needs and offer them suitable solutions and incentives for listing in the market”, Mr. Al-Emadi added.

Mekdam Holding Group was established on March 2018 as a private company with limited liabilities and authorized and issued capital of QR 50 million. It was transferred into a Public Shareholding Company by the Minster of Commerce and Industry resolution no. 45 for the year 2021 issued on 30.6.2021 with a capital 100% fully paid by its founders. The most important objectives of Mekdam is to provide comprehensive integrated services in the field of information and communication technology.