Subscription in Nass Corporation’s Initial Public Offering (IPO), the largest of its kind to take place in Bahrain in the last eight years, opened Sunday for investors from around the GCC. The receiving banks managing the subscription process have been reporting strong levels of interest in this IPO since the mini-prospectus was launched on 2 October, 2005.
“This IPO is generating such strong levels of interest from around the GCC due to the unique opportunities it offers all investors of all nationalities across the GCC. It is also considered a milestone for Bahrain since it represents the first family-owned business to go public,” said Mr.Sameer Abdulla Nass, managing director of Nass Corporation.
Twenty five per cent of the shares in Nass Corporation are available through the IPO process, which began today and will result in the company being listed on the Bahrain Stock Exchange (BSE) in November. Investors have just three weeks to ensure they subscribe to receive shares on allotment day in November.
Applications are invited from investors of all nationalities, who can collect a copy of the IPO prospectus and subscription forms in Bahrain at the Manama, Adliya and Muharraq branches of HSBC and the office of the Registrar, KPMG-Shares Registrar Department, Al-Hedaya Building, Government Avenue. The same can be obtained from Emirates Financial Services (EFS) in Dubai and Abu Dhabi, UAE.
Details of allotment of shares will be provided in November, within 2 weeks of the subscription period closing, when trading is scheduled to begin.
The Nass Corporation founding shareholders will retain a majority stake in the company, which already completed a private placement of 24% of shares with GCC strategic investors in June this year.
Securities and Investment Company B.S.C(c) (SICO) is the lead manager and co-financial advisor on the transaction. KPMG Corporate Finance is also co-financial advisor on the transaction. Trowers & Hamlins is the legal advisors and Baker Wilkins & Smith, the technical evaluator.
© 2005 Al Bawaba (www.albawaba.com)
