Executive Summary
Epicure Qatar Equity Opportunities plc has been established to invest primarily in quoted Qatari equities. Investment Objective: The Company's investment objective is to capture, principally through the medium of the Doha Securities Market (\DSM\), the opportunities for growth offered by the rapidly expanding Qatari economy by investing in listed companies or companies soon to be listed. The Company may also invest in listed companies, or companies soon to be listed, in other GCC Countries, up to a maximum of 15 per cent. of its overall investments. Investment Manager: Epicure Managers Qatar Limited has been appointed by the Company as investment manager and will be responsible for the management of the Company's assets and in particular, for retaining the services of the Investment Adviser. Investment Adviser: Qatar Insurance Company S.A.Q., a public shareholding company incorporated in Qatar, has been engaged by the Investment Manager and the Company to act as investment adviser. The Investment Adviser will be responsible for managing and advising the Company as to the management and investment and reinvestment of the assets of the Company and to monitor the performance and operation of, subject always to the overall policies, direction and control of the Board and the Investment Manager, the investment policy and restrictions. QIC, which was established in 1964, is one of the oldest property and casualty insurers in the region. QIC was the first domestic insurance company in Qatar and currently holds a 50 per cent. market share. It has an \A\ rating from Standard & Poors and operates in several countries across the GCC Region. It is listed on the Doha Securities Market with a market capitalisation of QR4.3 billion (US$1.2 billion), and the Government of Qatar retains a 12 per cent. shareholding in the company. QIC's investment department manages the investment and treasury function for the insurer and has a 21 year track record, generating a 17.5 per cent. IRR on its investment portfolio over this time. The department directly manages an investment (including cash) portfolio of US$982 million out of which a total of US$341 million is invested in the local Qatari equity markets. The Investment Adviser has agreed to invest US$25 million in the Company as part of the Placing, which will align the interests of the Investment Adviser with those of Shareholders. No single investment position will exceed 15 per cent. of the Net Asset Value of the Company. No…
