ETIHAD Shipping announces private placement of 1,200,000,000 shares to potential investors
ETIHAD Shipping and Navigation Company BSC, a Bahraini closed shareholding company with a capital of 120,000,000 Bahraini dinar, announced the private placement of 1,200,000,000 shares with a nominal value of 0.100 Bahraini dinar each for potential investors to become shareholders.
The placement price is 0.054 Bahraini dinar per share, which is 50 per cent of the Nominal Value and the subscription fee has to be paid on the day of subscription by investors.
The company's primary business objective is to own and operate a fleet of different shipping vessels within the Middle East and the GCC region, as well as International Deep-sea routes.
The founding committee of the company comprises five investors from Bahrain, UAE, Saudi Arabia and Pakistan. Members of the founding committee have collectively committed to subscribe to 15 per cent of the paid up capital of the company.
Commenting on the occasion, Ali Al Gaith, the founding member of ETIHAD Shipping and Navigation Company, said: "Commercial shipping in the GCC is an attractive high growth market. By leveraging on the current trade distortions between sources of supply and demand, and on ETIHAD's position as a strong service provider, this private placement will ensure strong returns for our investors." Dr. Imran Asghar, Chief Executive Officer, said: "We are inviting potential investors on private placement basis to become shareholders of the company. This is a remarkable opportunity as we aim to set up a powerful business and expand in the region and globally.
This company has promising potential, and we strongly believe we have the capability and the experience to meet our objectives." The company will be involved in maritime transport of crude, oil products and dry cargoes. It aims to become the largest regional player in the shipping industry. The main office will be located in Manama with branches across the GCC countries. The closing date for applications to subscribe to shares offered 31 January 2008. (WAM)
The placement price is 0.054 Bahraini dinar per share, which is 50 per cent of the Nominal Value and the subscription fee has to be paid on the day of subscription by investors.
The company's primary business objective is to own and operate a fleet of different shipping vessels within the Middle East and the GCC region, as well as International Deep-sea routes.
The founding committee of the company comprises five investors from Bahrain, UAE, Saudi Arabia and Pakistan. Members of the founding committee have collectively committed to subscribe to 15 per cent of the paid up capital of the company.
Commenting on the occasion, Ali Al Gaith, the founding member of ETIHAD Shipping and Navigation Company, said: "Commercial shipping in the GCC is an attractive high growth market. By leveraging on the current trade distortions between sources of supply and demand, and on ETIHAD's position as a strong service provider, this private placement will ensure strong returns for our investors." Dr. Imran Asghar, Chief Executive Officer, said: "We are inviting potential investors on private placement basis to become shareholders of the company. This is a remarkable opportunity as we aim to set up a powerful business and expand in the region and globally.
This company has promising potential, and we strongly believe we have the capability and the experience to meet our objectives." The company will be involved in maritime transport of crude, oil products and dry cargoes. It aims to become the largest regional player in the shipping industry. The main office will be located in Manama with branches across the GCC countries. The closing date for applications to subscribe to shares offered 31 January 2008. (WAM)
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