Doha, January 16 (QNA) - Damaan Islamic Insurance Company (Beema) today successfully listed its shares on Qatar Stock Exchange's (QSE) main market. With the listing of BEEMA, the number of listed companies on QSE's main market will increase to 49.
The shares of BEEMA were listed through the "Direct Listing" mechanism, a common mechanism in all regional markets, which allows companies to be listed without an IPO.
BEEMA's shares were listed today in the insurance sector with the ticker BEMA. The company's share price was floated on the first trading day. The stock's opening price was QR 5.006, and the last transaction price was QR 4.295. The highest price reached QR 5.6 during the trading session and the lowest price reached QR 4.250. Starting from the second day of trading, the stock price will be allowed to fluctuate by 10 percent up and down, as is the case for other companies listed on the market.
On this occasion, Acting CEO of the Qatar Stock Exchange Abdul Aziz Nasser Al Emadi expressed his pleasure for listing BEEMA on the Qatar Stock Exchange as the first company to be listed on its main market through the direct listing mechanism.
He said: "The listing of this company will increase the depth of the market and unlock opportunities to expand our investor base and access to capital, while providing investors with the opportunity to invest in leading Qatari companies." The QSE is making unremitting efforts to increase the number of companies listed on the stock exchange by raising awareness of the advantages of listing on QSE's market, Al Emadi added.
For his part, the Director of Operations at BEEMA Yousef Saif Al Kuwari told Qatar News Agency (QNA) that BEEMA's listing on the Qatar Stock Exchange was a special occasion that makes a difference in the company's history, noting that demand for its shares was high on its first day of listing.
He added that BEEMA is one of the largest Takaful insurance companies in the State of Qatar since 2014, in terms of gross written contributions, explaining that BEEMA operates under the Hybrid Takaful model, encompassing both the Wakala and Mudaraba approaches.
It is worth noting that the company's shareholders' data have been made available to the brokerage firms as of Tuesday, January 10, 2023, to enable shareholders to submit their buy/sell orders directly to the brokerage firms.
The listing of BEEMA today, which is the first listing in the Qatar Stock Exchange in the year 2023, comes at a time when it is expected that Dukhan Bank and Meeza will be listed on the stock exchange later this year.
Damaan Islamic Insurance Company (Beema) was established in its current form on October 18, 2009, with a paid-up capital of QR 200 million. Moreover, it offers a wide range of takaful insurance solutions to protect its clients from various risks, as well as investing capital as decided by the Board of Directors and conducts its operation on the basis of co-operative insurance in accordance with Sharia Rules and Principles.