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Future Pipe IPO on DIFX
- United Arab Emirates: Monday, March 31 - 2008 at 08:23
Dubai based Future Pipe Industries Group, which manufactures fibreglass piping systems, is to float around 35% of the company in an initial public offering on the Dubai International Financial Exchange. The initial share price will be revealed on April 13. The money raised will go to Chief Executive Officer Rami Makhzoumi and his father and company Chairman Fouad Makhzoumi, who both currently hold all shares in Future Pipe. They will remain the majority shareholders after the IPO, and said will not 'cash out' of the business, instead using the money to fund expansion plans.
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StaffMonday, March 31 - 2008 at 08:23 UAE local time (GMT+4)
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