Underwriter appointed for APM Terminals Bahrain IPO in October 2018

The Minister of Transportation and Telecommunications’ His Excellency Engineer Kamal bin Ahmed Mohammed announced that APM Terminals Bahrain B.S.C. (c), the exclusive port operator of the Kingdom’s Khalifa Bin Salman Port, has appointed SICO BSC (c), a leading asset manager, brokerage and investment bank, as its lead manager and underwriter for the company’s initial public offering (IPO). The IPO, which is expected to be launched in late October, will offer 20% of the company’s paid up capital to investors and list on the Bahrain Bourse. 

This step serves as part of the Ministry’s strategic plan and in line with Bahrain’s Economic Vision 2030 which aspires on becoming a globally competitive economy based on the guiding principles of sustainability, competitiveness and fairness. 

The listing and wider shareholder base will give the company access to capital markets and enhance its profile through adherence to the highest forms of oversight and transparency. This will strengthen the company’s reputation as a leading multiport terminal in the region focused on becoming a trans-shipment hub for the growing upper gulf market. It will also further improve Bahrain’s position as a major regional logistics hub and gateway to some of the important markets in GCC, major components of the Kingdom’s Economic Vision 2030.

APM Terminals Bahrain’s Chief Executive Officer Mr. Mark Hardiman added: “This IPO marks an important milestone in the company’s history and indicates the strength of Bahrain’s world class logistics industry. Bahrain punches well above its weight in this sector, thanks to its strategic location, superb regional connectivity, reduced travel times between the Upper Gulf ports, and strong regulatory framework. We are pleased to be working on this IPO with SICO, who have demonstrated their strength as one of the region’s leading investment banks.  We would also like to thank the Ministry of Transportation and Telecommunications’ Ports and Maritime Affairs for their continued support and guidance in ensuring the success of this IPO.” 

SICO Chief Executive Officer Ms. Najla Al Shirawi said: “We are proud to be playing such an important role in the IPO of one of the premier logistics providers in the region, with its strategic shareholders including global industry players. It represents an exciting new opportunity to invest in the Kingdom of Bahrain’s expanding logistics and infrastructure industries and will contribute to increased trading and liquidity on the Bahrain Bourse. Our involvement reinforces SICO’s track record as a leading provider of comprehensive and innovative investment banking services in the GCC since 1995. “

SICO (licensed as a conventional wholesale bank by the CBB) will oversee a range of processes related to the offering, one of the most significant in Bahrain’s recent history. These include detailed due diligence and the appointments of the registrar, allotment agent, receiving bank, and paying agent, drafting of various offer documentation and submission to the regulatory authorities for final approval details of how to invest in the IPO will be announced in due course.