TMCnet News
Zain Bahrain extends IPO subscription period [TradeArabia](TradeArabia Via Acquire Media NewsEdge) Zain Bahrain, a leading telecom company in the kingdom, has extended the subscription period for its initial public offering (IPO) until the end of this month. The IPO started on September 2 and was initially supposed to close yesterday (September 16), said a report in the Gulf Daily News (GDN), our sister publication. The results of subscription and allotment basis will now be announced on October 2. The kingdom's second licensed full service telecommunications operator is offering 48 million shares equivalent to 15 per cent of issued share capital at a price of 190 fils ($0.5). The IPO is open to Bahraini institutional and retail investors as well as GCC institutional investors. The current issued share capital of Zain Bahrain is BD32 million divided into 32 million shares of BD1 each. The offering price, therefore, represents a premium of 90 fils per share, that is, 90 per cent of face value. Based on the IPO price, the company is valued at $161.2 million. Zain Bahrain said the proceeds amounting to BD9.1 million will primarily (95 to 98 per cent) be used to fund capital expenditure (capex). Bahrain's Gulf International Bank and Watani Investment Company (NBK Capital), the investment banking arm of National Bank of Kuwait, are the joint lead managers, financial advisers and book runners. - TradeArabia News Service ? (c) 2014 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info). |