(MENAFN- The Peninsula)
The Peninsula
The shares of Al Faleh Educational Holding Company were admitted yesterday to trading on the Venture Market (‘QEVM') dedicated to SME's.
Qatar Stock Exchange (‘QSE') yesterday saw the first day of trading on its QEVM, demonstrating its longterm commitment to providing multiple routes to access Qatar's capital markets, in line with the government's priorities in supporting the private sector's contribution to the GDP and enhancing economic diversification efforts.
The QEVM would give SME owners an opportunity to be listed in the bourse in accordance with lighter and flexible regulations. 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.
QSE launched the QEVM, providing 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. QSE put the amended criteria in place to provide an additional route to market for companies who sought to list without all the resource requirements and costs associated with the Main Market.
In opening trading yesterday, Al Faleh Educational Holding Q.S.P.C. (‘Al Faleh') achieved three firsts, becoming the first company in the education sector to trade on QSE in its twenty four year history and becoming the first company to list under the amended QE Venture Market criteria. Importantly, Al Faleh's founder, Dr. Sheikha Aisha bint Faleh Al Thani, is also the first woman Chairperson of a listed company in Qatar.
Al Faleh will trade on the same platform and under the same operational procedures as all other companies listed in Qatar but will be distinguished in a separate tab on QSE's Market Watch and other display items. The company is trading under the ticker [FALH].
The opening price on the first day of trading was QR1.50 and the reference price was QR1 with an increase percentage of 50 percent. The highest price during the trading session reached QR3.50, and the lowest price was QR1.50, and the stock closed at QR2.61. Rashid Al Mansoori, CEO of QSE said: 'We are all extremely proud to open the market and welcome Al Faleh to the extended QSE ‘family' and look forward to them being an outstanding addition to our markets.
Dr. Sheikha Aisha bint Faleh Al Thani commented: 'We are proud to be the first company to make use of this alternative route to market demonstrating our belief in the market and the place it will have in our future. We fully expect to evaluate a ‘promotion' to the Main Market when the time is right for our shareholders and the company. Al Faleh was established in 2000 as Doha Academy to provide high quality educational services from kindergarten stages through to higher education.
Since then, the company has witnessed carefully managed growth, adding Doha Academy Salwa and Doha International Kindergarten in the interim and with the introduction of its first higher education institution, AFG College, in partnership with Aberdeen University in September 2017.
Al Faleh was able to list using a special mechanism called a ‘Direct Listing'. This mechanism is common throughout the region allowing issuers to access the public markets without a public offer.
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