Damaan Islamic Insurance Company (Beema) will begin its trading on the Qatar Stock Exchange from January 16.
With the listing of Beema, the number of listed companies on the QSE’s main market will increase to 49.
In a communique, the bourse said the shares of Beema will be listed on the said date after obtaining the approval of the Qatar Financial Market Authority and its board, following all necessary technical, regulatory, and administrative procedures.
Following the adoption of new measures that would encourage more companies to list on the QSE’s market, all of Beema’s share capital, amounting to 200mn shares, will be listed through direct listing without initial public offering or IPO.
Beema's extraordinary general assembly meeting in December 2021 approved the listing of the company shares on the QSE and the listing was in response to the directives of the Qatar Central Bank to transform Beema into a public company.
Beema’s shares will be listed with the symbol 'BEMA' in the insurance sector, which already has six listed constituents.
The share price will be floating on the first day of listing, while from the second day onwards, the price will be allowed to fluctuate by 10%, up or down, as is the case for other companies listed in the market.
There will be no change in the time of the trading session during the first day of listing and the pre-open period will remain at 9:00am as usual.
The data of the company's subscribed shareholders will be available to the brokerage firms as of January 10, 2023, so the shareholders will be able to submit their buy/sell orders directly to the brokers as of that date.
Beema was established on 18 October 2009 with an authorised capital of QR200mn, which is 100% fully paid.
The company’s main objective is to carry out insurance and reinsurance business of all kinds and invest capital and assets in the manner approved by the board, in accordance with the provisions and rules of Islamic Shariah.
Beema, one of the leading Islamic insurers, was established in 2009 by its five founding members: Qatar Islamic Bank, Qatar Insurance Company, Masraf Al Rayan, Barwa Real Estate and QInvest.
Beema had reported an 11.03% year-on-year increase in net profit to QR42.25mn during the nine-month ended September 2022. Total assets amounted to QR1.51bn with policyholders' assets at QR0.9bn and shareholders' assets at QR0.61bn in the review period.
