Listing on the Main Market

To begin the process of listing your company on the Qatar Stock Exchange, the first step is to conduct an initial review of the requirements. To meet these requirements, both the issuer and their advisors must comply with the regulations outlined in the Securities Offering and Listing Rulebook issued by the Qatar Financial Markets Authority, the QSE's Rulebook, and the Commercial Companies Law No. (11) of 2015 and its amendments. The following requirements must be fulfilled:

• The issuer must be a Qatari public shareholding company
• The number of non-founder shareholders must not be less than 200 for a public offering and 100 for a direct listing
• The issuer should have operated for at least two years and issued audited financial statements during that time
• The issuer's capital must be fully paid and should not be less than 40 million Qatari riyals
• The shareholders' equity, as per the latest audited financial statements, should not be less than the paid-up capital
• In the case of a public offering, the percentage of shares offered must be not less than 20% and not more than 60%. In the case of a direct listing, the percentage must not be less than 25% and not more than 60% of the shares offered
• The issuer must commit to complying with all the requirements set forth by the Qatar Financial Markets Authority, the QSE's Rulebook, and the Commercial Companies Law No. (11) of 2015 and its amendments

For more information on the issues related to listing on the Qatar Stock Exchange, please refer to the Offering and Listing Rulebook issued by the Qatar Financial Markets Authority, the Rulebook issued by the Qatar Stock Exchange, and the Commercial Companies Law No. (11) of 2015 and its amendments. These resources provide valuable information on the regulations and guidelines governing the listing process

Continuous Obligations

On becoming listed, a company is required both by regulation and market practice to transform the way it operates, the manner in which decisions are made and communications with stakeholders.

The overall regulatory framework is provided by QFMA, QSE Rulebook and Commercial Law No. No. (11) of 2015 and its amendments. A listed company agrees to comply with certain requirements in terms of transparency and financial communications. Listed companies must disclose information that is likely to have material effect on the price of its securities, shareholders’ investment decisions or their interests. Such information can be divided into three broad types:

1. Periodic financial statements
2. Information related to corporate actions such as an increase/decrease in capital, merger and acquisitions or disposals of assets, dividend payments and other significant events; and
3. Ongoing material price sensitive information

Companies should refer to the QSE Rulebook and Chapter 4 of the QSE Bylaws for full details but in summary the following represent the key on-going disclosures:

• Annual reports audited by independent accountants provided within 90 days of the end of the financial period
• Semi-annual accounts (reviewed only) provided within 45 days of the end of the financial period;
• Quarterly accounts provided within 30 days of the end of the financial period;
• Immediate announcement to the market of price-sensitive information; and
• Notice to the market of the date of an Annual General Meeting, at least fifteen days prior to the specified date

In addition to the QSE Rulebook, listed companies are required to adhere to the Corporate Governance Code published by QFMA. The code is a set of rules designed to deliver efficient, effective and entrepreneurial management that contributes to the board discharging its duties in the best interest of shareholders. The code is operated on a ‘comply or explain’ basis which means listed companies are expected to follow the code but if they do not they must explain where they deviate from recommendations and why and publish this in their annual corporate governance.

Please see the QFMA Corporate Governance Code for further details.