Strategic investors in Nass Corporation met recently in Bahrain as part of a familiarisation programme organized by the founding shareholders. Members of the Nass family and representatives of the 15-strong investor group from Bahrain, Saudi Arabia, Oman and the United Arab Emirates attended the event, which was held at the Bahrain Sheraton Hotel.
The group of 15 share a 24% stake in the corporation and comprise private individuals, financial institutions and other business enterprises.
“The group will have representation on the corporation board, in accordance with the Commercial Companies Law of Bahrain, and this event provided an ideal opportunity for everyone to get to know one another,” said Nass Group Managing Director, Sameer Abdulla Nass.
Currently under formation, the Bahrain-based entity will be known as Nass Corporation BSC and will be listed on the Bahrain Stock Exchange through a public share offer later this year. The next phase – the IPO process - will start in September this year and 25% of shares will be offered to public investors in Bahrain and the GCC. The founding shareholders will retain a majority shareholding in Nass Corporation.
It will be Bahrain’s first regional family-owned conglomerate operating in the construction sector to go public and the largest Initial Public Offering (IPO) on the Bahrain Stock Exchange in the Kingdom in the last eight years.
