News Column

'First big IPO since 2010' on the cards

June 1, 2014

BAHRAIN PLANS an initial public offering (IPO) of shares in the company operating its Khalifa bin Salman port, its transportation ministry said, in what could be the country's first big IPO since 2010.Though a listing would serve to fulfil a contractual agreement made when the port opened in 2009, it could benefit from a recent recovery in the Bahrain stock market, where the main index is up 17 per cent year to date.

Khalifa bin Salman is operated by APM Terminals Bahrain under a 25-year concession. APMT is 80 per cent owned by Netherlands-based APM Terminals, the ports arm of Danish group AP Moller-Maersk, and 20 per cent by YBA Kanoo Holdings, a family-controlled Bahraini business group.

The ministry spokeswoman said that under the operating agreement for the port, the operator was to convert from a closed joint-stock company to an open joint-stock company within five years of the start of commercial operations.

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Source: Gulf, The (Bahrain)

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