Bahrain - APM Terminals Bahrain on Sunday said that it will implement an initial public offering (IPO) for a 20% stake of its total issued share capital on Bahrain Bourse at a combined value of BHD 11.8 million.
The share sale will start from Thursday, 8 November until Sunday 24 November, the exclusive operator of Bahrain’s Khalifa Bin Salman Port (KBSP) said in a statement.
The offering, that will be available for Bahraini and non-Bahraini investors, comprises of 18 million shares of the firm’s total shares, at BHD 0.660 per share, it added.
About 70% of the IPO’s shares will be allocated for institutional investors, while 30% will be for retail investors.
After completing the offering in December, the firm’s shares will be listed, then trading will start on them under the symbol APMTB.
“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,” APM Terminals Bahrain’s CEO and managing director Mark Hardiman stated.
The IPO is forecast to contribute to boosting APM Terminals Bahrain’s expansion plans in the coming period, Hardiman added.
“Being the only commercial port, KBSP plays a vital role in the economic development of the Kingdom of Bahrain by facilitating smooth trade flows, which has been possible with APM Terminals bringing in the required expertise, competitiveness and operational excellence as per international standards,” the CEO further noted.
SICO Bank was hired to be the mandated lead manager, market maker, and underwriter of the IPO, AUB was named as the receiving bank, Bahrain Clear is the allotment agent for the IPO, and KPMG Fakhro is the financial due diligence advisor and auditor to APM Terminals Bahrain, according to the statement.
“The much-anticipated public offering of APM Terminals is a proxy on the Kingdom’s growing non-oil economy, it offers investors extremely attractive pricing and a dividend yield of 15.5% on the offer price based on dividends paid in 2017,” Najla Al Shirawi, SICO Bank’s CEO said.
APM is a joint-venture between Netherlands-based APM Terminals International BV YBA Kanoo Holdings of Bahrain.
APM Terminals International BV owns an 80% stake in the JV, while YBA Kanoo Holdings of Bahrain owns the remaining 20% stake.
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