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KIPCO readies OSN for IPO

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Date d'inscription : 23/10/2013

KIPCO readies OSN for IPO

Message par jimy page le Mer 2 Avr - 15:31

KIPCO readies OSN for IPO
Rebecca Hawkes | 02-04-2014
Plans are afoot to launch an initial public offering (IPO) for Middle East pay-TV company OSN within weeks, according to its largest shareholder, Kuwait’s KIPCO.
The Kuwait City-based holding company said in June it had hired Rothschild to advise on a potential IPO for the pay-TV operator, which was valued by Dubai investment bank Arqaam at US$4.3 billion in November 2013 – up 72% from its previous estimate of $2.5 billion.
“KIPCO as a shareholder will go ahead with the IPO,” Faisal Al Ayyar, deputy chairman, told journalists in Kuwait City during its annual general meeting. “The company is ripe and the market condition now is right. We start the process within a few weeks and are hoping to finish by either the end of the third quarter or early fourth quarter.”
Al Ayyar added that he was looking at London as a primary listing for OSN, “depending on how much corporate governance is needed, and how much is needed as a stake to be sold.”
Dubai-based OSN currently generates around $700 million in annual revenues, said Al Ayyar – a figure he predicts will double over the next three years
OSN now has nearly a million subscribers, and its strong performance had contributed to a 75% rise in fourth quarter net profit for KIPCO in February, the company said.


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