Mekdam shares to start trading on QSE Venture Market on August 2

(MENAFN- Gulf Times) Shares of Mekdam Holding Group (Mekdam), which provides comprehensive integrated services in the field of information and communication technology, will be admitted to trading on the venture market of the Qatar Stock Exchange from August 2, 2021.
It will become the second company to be listed on QSE Venture Market (QEVM) dedicated to small and medium enterprises, or SMEs. The company is getting listed on the bourse using the direct listing option.
Mekdam was established in March 2018 as a private company with limited liabilities, and authorised and issued capital of QR50mn. It was transferred into a public shareholding entity by the Ministry of Commerce and Industry resolution No. 45 for 2021 with a capital 100% fully paid by its founders.
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.
The founders’ data will be made available to the brokerage firms as on July 28, 2021 in preparation for trading of the company’s shares in order to allow them to receive buy and sell orders.
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 usual at 9am.
Mekdam will be traded in the same manner like those on the main market in terms of order types, corporate actions and settlement/clearing arrangements.
The pricing of Mekdam shares is exactly the same as pricing mechanism of the stocks listed on the main market. The orders on the QEVM are executed through the brokers licensed by the Qatar Financial Market Authority.
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.
"The QEVM provides an alternative route to market for the SME’s that need the access to capital...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," said QSE chief executive Rashid bin Ali al-Mansoori.
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, he said.
The QEVM is characterised by the flexibility of the listing requirements which suit smaller entrepreneurial companies with a limited track record and fewer resources to meet the heightened investor relations and corporate governance practices demanded in the main market, according to him.
Abdulaziz Nasser al-Emadi, director of QSE’s Listing Department, said 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.    

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