Nass Corporation IPO date announced

The company has obtained regulatory approvals from a number of GCC countries for its IPO of shares being offered to the general public from 8 am on October 9 until 12pm on October 30 this year. Investors from across the GCC will be able to subscribe for up to 50 million ordinary shares - or 25% - of issued and fully paid up Ordinary Shares of Nass Corporation BSC.

The founding shareholders will retain a majority shareholding in Nass Corporation BSC, which has been formed from 10 construction, contracting and other related businesses of the Nass Group, which celebrated its 40th anniversary last year. Existing business of the group not forming part of the Corporation will continue operating as normal.

The IPO process follows the successful private placement of shares in June this year where 24% of the newly formed Corporation's ordinary shares were placed with 15 high profile private investors from Saudi Arabia, UAE, Bahrain and Oman.

"Our objective from the private placement process has been achieved," said Hisham Al-Saie, head of corporate finance at Securities and Investment Company BSC(c) (SICO), the IPO lead manager. "We were able to attract leading investment houses and family owned business from across the GCC states whose objective is to play a leading strategic role in the regional expansion of Nass Corporation, BSC."

Investors of all nationalities are eligible to apply for a minimum of 1,000 shares in Nass Corporation BSC, whose shares will be tradable on the Bahrain Stock Exchange (BSE) once trading begins in November. BSE has the highest threshold for the foreign ownership of shares of any exchange in the region, allowing up to 49% foreign ownership of shares.

Mr. Sameer Abdulla Nass, managing director of Nass Group said, "We are very enthusiastic about the IPO process and hope to replicate the levels of interest we enjoyed from the private placement earlier this year."

The Nass Corporation IPO will be Bahrain's first family-owned conglomerate operating in the construction sector to go public and the largest IPO on the Bahrain Stock Exchange in the last eight years.

SICO is the lead manager and co-financial advisor on the transaction. KPMG Corporate Finance is also co-financial advisor on the transaction. Trowers & Hamlins is the legal advisors and Baker Wilkins & Smith, the technical evaluator.

Applications are invited from investors of all nationalities, who can collect a copy of the IPO prospectus and subscription forms in Bahrain from 9 October at the Manama, Adliya and Muharraq branches of HSBC and the office of Registrar, KPMG-Shares Registrar Department, Al-Hedaya Building, Government Avenue. The same can be obtained from Emirates Financial Services (EFS) in Dubai and Abu Dhabi, UAE.