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APM Terminals Bahrain aims to raise $ 32 m with IPO

 

APM Terminals Bahrain plans to raise around BHD12 million ($ 32 million) through its planned initial public offering (IPO). This is the first IPO for a transport and logis-tics company in the Kingdom to list on the Bahrain bourse. The listing forms part of the contractual agreement made when the port opened in 2009.

 

APM Terminals Bahrain will offer 18 million shares, equivalent to 20 per cent of its issued share capital, at BHD 0.66 per share. The net proceeds will be paid to its current shareholders pro-rata based on their shareholding. APM Terminals currently holds 80 per cent of the shares and the remaining 20 per cent of shares are held by YBA Kanoo Holdings of Bahrain, a leading diversified regional business group. 

 

APM Terminals Bahrain has an exclusive 25-year concession from the Bahrain government to manage and operate Khalifa Bin Salman Port (KBSP). The concession, which commenced on April 1, 2009, is renewable with mu-tual consent of the company and the Bahrain government.

 

The concession gives APM Terminals Bahrain exclusive rights to manage all of Bahrain’s container traffic and the major-ity of its general cargo traffic. It prohibits the government from building and operating another port facility in Bahrain (other than private jetties or fishing harbours) until April 1, 2024, said a release.

 

Source : Our Correspondent

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