APM Terminals Bahrain set to offer 20% of shares in bid to raise $32 million

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

The plan is to offer 18 million shares, equivalent to 20 per cent of its issued share capital, at BHD 0.66 ($175) per share. The net proceeds will be paid to its current shareholders pro-rata based on their shareholding.

APM Terminals currently holds 80% of the shares and the remaining 20% 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 public-private partnership and Bahrain’s only commercial port,”  Mark Hardiman, CEO/Managing Director, APM Terminals Bahrain, 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 1 million TEUs per annum, with utilisation of around 40% in 2017. There is potential to expand to 2.5 million TEUs per annum in the future.