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MOS placement oversubscribed

Dubai, April 26, 2008

Maridive & Oil Services (MOS), the largest marine offshore oil and gas service provider based in Egypt and the Middle East, has revealed that its private placement has been oversubscribed 31.2 times.

Applications worth of $7.43 billion were submitted by investors. The offer price for the international offering has been set at $3.70 per share. This is in the upper end of the range announced on April 16, 2008, of between $3.25 and $3.74.

The offer price for the Egyptian retail offering has been set at $3.52 per share, representing a discount of five per cent to the international offering price.

The international offering, together with the retail offering, comprises up to 74,222,264 shares, which includes an over-allotment option covering 9,407,848 shares.

Based on the offer price, MOS will have a market capitalisation of $840 million (pre-money) at the commencement of trading.

The deadline for subscription in the public offering is April 29. All parties interested in the subscription must deposit with any Egyptian brokerage company 50 per cent (fifty per cent) of the value of the required shares in accordance to the final price equal to $3.52 per share.

Knowing that the minimum limit of subscription per each investor is 500 shares and the maximum limit of subscription per each investor is 100,000 shares· 

Trading in the shares on the Cairo and Alexandria Stock Exchange (CASE) is expected to commence on or about May 5, 2008.

The proceeds of the closed subscription of this offer will be used to fund its ambitious expansion plan in the region and globally.

EFG-Hermes is acting as Sole Global Coordinator and Bookrunner for the offering.

“I am very pleased to announce the pricing of MOS IPO. The company has received very positive response from investors throughout its presentations and was reflected in an exceptional demand whereby the private placement offering was over subscribed 31.2 times. MOS is committed to delivering value for shareholders and faces the future with confidence,” said chairman of the company Eissa Eleish. – TradeArabia News Service




Tags: Oil | offshore | Maridive |

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