APM Terminals Bahrain sets sights on US $ 32mn IPO

APM Terminals Bahrain revealed its plans to raise around US $ 32 million through its planned initial public offering (IPO).

APM Terminals Bahrain will offer 18 million shares, equivalent to 20 percent of its issued share capital, at BHD 0.66 per share. The net proceeds will be paid to its current shareholders pro-rata based on their shareholding.

APM Terminals currently holds 80 percent of the shares and the remaining 20 percent of shares are held by YBA Kanoo Holdings of Bahrain, a regional business group.

“This is a significant moment for APM Terminals Bahrain as we move forward to launch our IPO, with an opportunity for the local and wider regional community to invest in a successful publicprivate partnership and Bahrain’s only commercial port,” APM Terminals Bahrain Ceo/managing Director Mark Hardiman said.

The offering will start on November 8 and will remain open until November 24.

The company’s first IPO on the Bahrain Bourse is part of the contractual agreement made when the port opened in 2009.

APM Terminals Bahrain has an exclusive 25-year concession from the Bahrain Government to manage and operate Khalifa Bin Salman Port (KBSP). The concession, which commenced on April 1, 2009, is renewable with mutual consent of the company and the Bahrain government.

The port currently has a container throughput capacity of one million TEUS per annum, with utilisation of around 40 percent in 2017. There is potential to expand to 2.5 million TEUS per annum in the future.

(World Maritime News)