APM Terminals Bahrain has announced its plans to raise USD $32 million through an initial public offering (IPO).
This is the first IPO for a transport and logistics company in the Kingdom to list on the Bahrain Bourse, and forms part of the contractual agreement made when the port opened in 2009.
APM Terminals Bahrain will offer 18 million shares, equivalent to 20% of its issued share capital.
Currently, APM holds 80% of the shares in the facility, while the remaining 20% are held by YBA Kanoo Holdings of Bahrain, a leading diversified regional business group.
Enrique Piqueras, of APM Terminals, discusses the Cartagena Container Terminal in a recent Port Technology technical paper
Mark Hardiman, CEO and Managing Director of APM Terminals Bahrain, commented: “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 public-private partnership and Bahrain’s only commercial port.”
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 gives APM Terminals Bahrain exclusive rights to manage all of Bahrain’s container traffic, is renewable with mutual consent of the company and the Bahrain Government.
The port currently has a container throughput capacity of 1 million TEUs per annum, with utilization of around 40% in 2017.