Banader, Nass ready IPOs

07 October 2005
The local Nass Corporationwill launch its initial public offering (IPO) on 9 October, the company announced in late September. Subscription to the 50 million shares - 25 per cent of the firm's capital - will be open until 30 October and all GCC nationals will be eligible to apply.

Securities & Investment Company (SICO)is lead manager on the transaction and joint financial adviser with KPMG. Trowers & Hamlinsis the legal adviser and Baker Wilkins & Smithis the technical consultant. The public share sale follows conclusion of a private placement with 15 strategic investors in June.

Nass Corporation is the holding company for 10 of the companies which make up the Nass Groupfamily business. The IPO is the biggest on the Bahrain Stock Exchange (BSE) for eight years (MEED 1:7:05).

The local Banader Hotel Company, which is planning a four-star, 20-storey hotel in central Manama, has also announced plans for a BD 15 million ($39.5 million) IPO through the BSE on 2-17 October, also open to nationals of all GCC states. KPMG is advising.

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