Eversheds Sutherland advises Al Mahhar Holding Company QPSC on its direct listing on the Venture Market of the Qatar Stock Exchange

Eversheds Sutherland has advised Al Mahhar Holding Company QPSC (Al Mahhar) on the direct listing of 100% of its shares on the Venture Market of the Qatar Stock Exchange. 

The listing of Al Mahhar marks the third listing on the Venture Market of the Qatar Stock Exchange and the second successful listing this year on which the Qatar-based Eversheds Sutherland Capital Markets team advised.

With a history of operating in Qatar since 1989 through the Petroleum Technology Company W.L.L (commonly known in the Qatari market as Petrotec), the business of the Al Mahhar corporate group includes the offering of a variety of goods and services for the energy and infrastructure industries in Qatar. Selling OEM equipment and providing after-sales services in relation to such equipment is a key constituent of Al Mahhar’s business. Al Mahhar also engages in the design and assembly of electrical switchgear. Al Mahhar expands into other in-demand business areas by constantly developing in-house capabilities, in addition to co-operating on a joint venture basis with sub-industry specialists.

The Qatar Stock Exchange admitted the shares of Al Mahhar to trade on the Venture Market of the Qatar Stock Exchange as of 7 June 2023.

The Eversheds Sutherland team was led by Partner Samer Sarkis, supported by Senior Associates Cristina Craciun, Julie Menhem, Rhydian Wyn, Associate Karim Kobaissy, and Trainees Gaith Aljundi and Marwah Rawashdeh.

The global law firm acted as international legal counsel for Al Mahhar with local counsel support from Sharq Law Firm. Deloitte and Touche acted as the Listing Advisor for Al Mahhar. Maroon Capital Advisory LLC acted as Strategic Advisor to Al Mahhar.

Samer Sarkis, Partner, Eversheds Sutherland, commented: “Al Mahhar is the first entity to list its shares through the direct listing mechanism on the Venture Market of the Qatar Stock Exchange under the new Offering and Listing Rules, so this was a particularly notable transaction for us to have advised on. It was a pleasure to support the Al Mahhar team on such a significant transaction and to add another successful listing to our repertoire.”

Clifford Lasrado, Managing Director, Al Mahhar commented: “We are delighted to be the first company to be listed under the New Offering and Listing Rules, through direct listing on the Qatar Stock Exchange Venture Market, which reflects our strength, solidity and leading financial position in the Qatari market. We were very grateful for the outstanding advice and support provided by the Eversheds Sutherland team on the entire transaction. We do appreciate their hard work, technical legal excellence and their commitment to successfully deliver this transaction.”

Hamza Al Naimat, Head of Legal and Board Secretary, Al Mahhar commented: “It has been an interesting transaction to be part of. We really appreciate the tremendous support provided by the Eversheds Sutherland equity capital markets team. They are well-versed in delivering these types of transactions and always provide outstanding service excellence. Their support was exceptional and we really appreciate it.”