Tuesday 18th March 2008
Two property businesses to float on AIM
AIM is due to see three initial public offerings (IPOs) in the two weeks following the Easter bank holidays. These are two property-related companies with operations in Vietnam and Qatar, and a US manufacturer of animal health products.
First to float, on 28 March, will be Vietnam Property Fund, a closed-ended investment company incorporated in the Cayman Islands.
Its investments will initially be in real estate companies, though it may later allocate funds to individual projects. Up to 20 per cent of its funds may be invested in Vietnam’s neighbouring countries, including Laos, Cambodia and China.
Phibro Animal Health Corporation is due to float on 31 March. The company sells its animal health and nutrition products in over 50 countries, with the lion’s share going to North America. In addition to its products for animals, Phibro makes products for the chemical, electrical and automotive sectors.
Lastly, the IPO of Qatar-based Panceltica is scheduled for 4 April. The company specialises in the rapid fabrication and construction of property units, for both the residential and commercial sectors. It has subsidiaries in Turkey, New Zealand and the UK.
While Vietnam Property Fund and Phibro have yet to announce financial details of their planned IPOs, Panceltica has revealed it does not intend to raise additional funds through its flotation.
For more IPO news, click here.
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