APM Bahrain IPO is “chance for proceeds”

Khalifa Bin Salman Port Khalifa Bin Salman Port (KBSP) Credit APM Terminals Bahrain

Khalifa Bin Salman Port (KBSP) operator APM Terminals Bahrain’s BHD 11.8m decision to make an initial public offering (IPO) of 18,000,000 of its shares is a timely money making and investment opportunity, says Drewry’s senior analyst - Ports & Terminals.

Neil Davidson explained that the main purpose of the IPO, which will offer 20% of the company’s total issued share capital and is open to Bahraini and non-Bahraini corporate and individual investors from 8 November, is to meet a contractual promise made when the Bahrain business was initially set up.

“For the current owners, it's a chance to take proceeds from the business they've built up, and for Bahrain it's a chance to get the wider business and private community involved in the port,” commented Mr Davidson, who in April said that the port was operating at 45% of its capacity and APM Terminals Bahrain aimed to double the size of its operations in the future.

Mark Hardiman, CEO/managing director at APM Terminals Bahrain said: “Today is a significant moment for APM Terminals Bahrain as we move forward to launch our IPO, with an opportunity to invest in a successful public-private partnership and Bahrain’s only commercial port.”

“We are excited about the IPO and look forward with confidence to our next stage of growth for APM Terminals Bahrain as a publicly listed company,” he added.

However, Mr Davidson remarked: “I don't really see this as a public-private partnership though - it's essentially a private sector deal.”

IPO structure

Commencing on November 8th, the APM Terminals Bahrain IPO offering will be open for a period of 17 days until 24 November.

The IPO is structured with 70% of the shares on offer allocated to institutional investors (i.e., those applying for over 100,000 shares), while 30% of the shares have been allocated to retail investors (i.e., those applying for up to 100,000 shares).

APM Terminals Bahrain is a joint-venture between Netherlands-based APM Terminals International BV (80%) and YBA Kanoo Holdings of Bahrain (20%).

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