QFMA records 12 acquisition applications made in 2023; six materialise

The Qatar Financial Market Authority (QFMA) received as many as 12 applications for acquisition with six of them materialising, valued at QR1bn during 2023.These deals varied between direct and indirect acquisitions inside and outside Qatar, and included many sectors such as industrials, transportation, insurance, and telecoms, the QFMA said in its 2023 annual report, which was released recently.During 2023, in addition, as many as five acquisitions were processed, and one transaction was cancelled. The five indirect acquisitions completed in Qatar were in the industrials, telecom and transportation sectors during the review period. One indirect acquisition completed outside the country was in the insurance sector during 2023.Among those under process are one direct and indirect acquisition in Qatar in the transportation sector; two indirect acquisitions in the UAE in the industrials sector; one indirect acquisition in the industrial sector outside Qatar; one direct and indirect acquisition in the industrial sector in the country and one indirect acquisition in the industrial sector outside the state.2023 witnessed "remarkable" activity in the number of offering and listing applications approved by the QFMA, whereas one company was offered for public subscription and two companies were listed in the main market through the direct listing mechanism.A company was transferred from the venture market to the main market, while the venture market saw a direct listing mechanism.The sectors represented by these entities included insurance, banking, consumer goods and services, and industrials, where the number of companies grew during 2023 to reach 51 compared to 47 during 2022 with an annual growth rate of 8.5%.The public offering was made by Meeza, while Beema and Dukhan Bank made entry into the main market through direct listing. In the venture market, Al Mahhar Holding was directly listed, while Mekdam Holding was transferred from the junior bourse to the main market during 2023.The volume of capital listed on the QSE during 2023 through direct offerings and listings in the main market amounted to QR6.083bn, and in the secondary market was QR207mn, which contributes "positively to increasing the depth and attractiveness” of the capital market in the country.During 2023, capital increase through bonus shares was seen in Zad Holding and Al Meera; while Mekdam Holding resorted to capital enhancement through rights issue. In the case of Mazaya Qatar, capital reduction was witnessed.During 2023, the book building mechanism was implemented for the first time in Qatar, supporting more realistic pricing, as it depends on the desire and seriousness of qualified investors with experience in buying the shares offered for subscription, which reflects positively on investors' confidence in the market.