Bahrain’s KBSP to launch IPO
The operator of Bahrain’s Khalifa bin Salman Port (KBSP) has said it intends to launch an initial public offer (IPO) for the facility by the end of 2018.
In an interview with Gulf Industry magazine, Mark Hardiman, chief executive/managing director of KBSP-operator APM Terminals (APMT) Bahrain, said the decision had been made in close consultation with Bahrain’s government, which had given it the green light to list on the Bahrain Bourse by the time the year finishes.
“Yes, we are going public this year. We should be listed on the Bahrain Bourse by the end of this year – that is our goal,” said Mr Hardiman in the interview.
“We want to fulfil the obligations that we have as APMT Bahrain and give back the public an opportunity to invest in what is a very-successful public-private partnership project.”
According to Mr Hardiman, the port — a joint venture between APMT and Yusuf Bin Ahmed Kanoo (YBA Kanoo) — plans to offer 20% of its total equity to the Bahraini public through the IPO, though no pricing has currently been concluded and the chief executive did not reveal how much KBSP wanted to raise in the offering.
Currently, APMT owns 80% of the port, while YBA Kanoo owns 20%. The share offering put forward sees APMT divesting 16%, taking its share to 64%, and YBA Kanoo divesting 4%, decreasing its stake to 16%.
APMT is currently finalising its consultants and lead advisor for the offering as well as looking at the regulatory elements of the proposed transaction with its operational regulator, Bahrain’s Ministry of Transportation and Telecommunications’ Ports and Maritime Affairs.