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Eversheds Sutherland advises Damaan Islamic Insurance Company (Beema) on its direct listing on the Main Market of the Qatar Stock Exchange

  • Qatar
  • Middle East

    16-01-2023

    Eversheds Sutherland has advised Damaan Islamic Insurance Company (Beema), on the direct listing of 100% of its shares on the Main Market of the Qatar Stock Exchange.

    This is a significant milestone for Qatari capital markets and the Qatar Stock Exchange in particular, as Beema is the first company to be listed through direct listing on the Qatar Stock Exchange. The listing is pursuant to the new Offering and Listing of Securities Rulebook brought into force by the Qatar Financial Markets Authority in early 2021.

    Established on 18 October 2009, Beema is dedicated to providing corporate and retail customers with Islamic insurance products (Takaful) in the motor, general accident and medical insurance segments of the Qatari insurance market.  The company also offers re-Takaful services within the Qatari insurance market and is one of the largest Takaful insurance providers in the Qatari domestic market based on gross contributions.

    Eversheds Sutherland acted as international legal counsel for Beema with local counsel support from Sharq Law Firm. Maroon Capital Advisory LLC acted as the Listing Advisor for Beema.

    The Eversheds Sutherland team was led by Partner Samer Sarkis, with support from Senior Associates Benjamin Clark, Rhydian Wyn and Julie Menhem, Associates Cristina Craciun, Karim Kobaissy and Mostafa Gharib, and Trainee Lawyers Gaith Aljundi and Marwah Rawashdeh.

    The Qatar Stock Exchange admitted the shares of Beema to trade on the Main Market of the Qatar Stock Exchange as of 16 January 2023.

    Samer Sarkis, Partner, Eversheds Sutherland, commented: “It was a pleasure working with BEEMA’s team on this successful and unique transaction. BEEMA is the first entity to list its shares through direct listing mechanism on the Qatar Stock Exchange Main Market under the new Offering and Listing Rules. We were pleased to advise on this transaction from start to finish. We look forward to continuing our work with BEEMA on future transactions.”

    Nasser Al Mesned, Chief Executive Officer, BEEMA commented: “We recognise our vital role in developing the insurance sector and are delighted to be the first company to be listed through direct listing on the QSE, which reflects our strength, solidity and leading financial position in the Qatari market. We were very grateful for the advice and support provided by the Eversheds Sutherland team.”

    Mahmoud Derbala, Head of Legal and Board Secretary, BEEMA commented: “BEEMA’s listing on the Qatar Stock Exchange Main Market is a great achievement and it has been a wonderful journey to be part of. The Eversheds Sutherland equity capital markets team provided outstanding and invaluable support during the entire process and were key to the successful delivery of this transaction.”

     

    Samer Sarkis, Partner
    Rhydian Wyn, Senior Associate
    Julie Menhem, Senior Associate
    Cristina Craciun, Associate
    Karim Kobaissy, Associate
    Mostafa Gharib, Associate

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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