Norway’s $1.3 trillion sovereign wealth fund has swooped in to buy shares of QLM Life & Medical Insurance Co., the first Qatari firm to list on the local stock market since 2019.
Norway’s central bank, which oversees the world’s biggest wealth fund, purchased a stake just shy of 5% in January, according to data from the Qatar Stock Exchange. The holding is worth about $17 million at the current market capitalization. In total, foreign shareholders have snapped up 11.5% in the firm.
The stock has climbed 22% after less than a month of trading following the initial public offering, versus a 4% drop for the benchmark QE Index in the same period.
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