Al Faleh Educational Holding Company, which runs Doha Academy and AFG College with University of Aberdeen, will start trading in the Qatar Stock Exchange's venture market from today, making it the first entity to venture into junior bourse.
"Due to the Covid-19 pandemic, we will hold a virtual ceremony for the listing of Al Faleh Educational Holding Company on April 13, 2021 using zoom webinars application," QSE chief executive Rashid bin Ali al-Mansoori tweeted.
Al Faleh, which has emerged as one of the leading institutions in the field of education and continues to strive to be part of the fulfilment and realisation of Qatar National Vision 2030, has been assigned the symbol “FALH”. Its stocks have been allowed to trade using the direct listing option.
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.
There will be no change in the timing of the trading session on the listing day and the brokerage firms will be allowed to enter buy and sell orders on the company's shares for the pre-open period, as usual at 9am.
Al Faleh will be traded in the same manner as those on the main market in terms of order types, corporate actions and settlement/clearing arrangements.
The pricing of Al Faleh securities is exactly the same as pricing mechanism of the stocks listed on the main market.
Al Faleh has three schools – Doha Academy, Doha Academy Salwa branch and Doha International Kindergarten.
The QEVM will follow the same continuous trading pattern as the main market. The tick sizes for the QEVM Equities will be as same as those for the main market.
The stock quotes of the QEVM will be broadcasted 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.
The companies eligible to join the QEVM should have an issued capital not below QR2mn, and number of shareholders not less than 20 who own no less than 10% of its capital upon the listing.
With the addition of the QEVM to the product suite, QSE would provide young and entrepreneurial companies a customised route to market to ensure they have access to the necessary funds to contribute to Qatar’s economy, sources in the bourse said.
A Clyde and Co article said the establishment of a secondary market would give SME owners an opportunity to be listed in the bourse in accordance with lighter and flexible regulations, while giving further finance sources ni order for them to grow and expand their businesses.