Pay TV operator OSN says 'no current plans' for IPO

  • Share via facebook
  • Tweet this
  • Bookmark and Share
David Butorac, CEO of Orbit Showtime Network. (Photo for illustrative purposes only)

David Butorac, CEO of Orbit Showtime Network. (Photo for illustrative purposes only)

Middle Eastern pay-television operator OSN has "no current plans" for a stock market flotation, its chief executive said on Sunday, following comments from its parent company that an initial share sale was expected to happen this year.

OSN has operations across the Middle East and North Africa and annual revenue currently around $700 million. Last year, brokerage Arqaam Capital valued the company at $4.3 billion.

Kuwait Projects Co (KIPCO) owns 60.5 percent of OSN and in March KIPCO deputy chairman of Kuwait Faisal al-Ayyar said it planned to start the process for an initial public offering (IPO) of OSN shares "within weeks", withLondon targeted for a flotation by the end of 2014.

But CEO David Butorac told reporters at a company event in Dubai on Sunday that an IPO was not imminent.

"The shareholders are looking at the options that they have for the future and one of those is to approach the equity markets. But, as it stands today, we have no active plans or timetable," Butorac said.

"We're generating significant free cash and so there are no current funding needs for the company."

He said London was one of many places Dubai-based OSN where would consider listing, also naming Nasdaq and "the local markets" as other possibilities.

KIPCO is Kuwait's largest listed investment firm with interests in media, industrials, banking and real estate.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
How the Gulf is moving to digital

How the Gulf is moving to digital

The Gulf’s media industry is being characterised by a switch...

The short story of Alwaleed's Bahrain TV venture

The short story of Alwaleed's Bahrain TV venture

It was intended to break the mould, giving airtime to the smaller...

Bringing Hollywood to the desert

Bringing Hollywood to the desert

The seventh instalment of Fast and Furious — one of the biggest...

Most Discussed
  • 17
    Nakheel PR: The toughest job in Dubai?

    You forgot to mention the sewage pit between JLT and Jumeirah Park and the terrible landscaping in Jumeirah Park The chain link fencing they want to install... more

    Monday, 30 March 2015 9:05 AM - An Emaar Fan
  • 12
    Dubai Int'l T1 is too congested, says Indian airline boss

    Yes, T1 is overflowing, but Air India need to maintain its timing which is a big question mark most of the time. Plus quality of service, please have some... more

    Monday, 30 March 2015 4:13 PM - Shareen
  • 9
    Post traumatic stress?

    I once had a Emirates Post employee hang up on me when I asked her to repeat something. That said, the worst is my management company, Kingfield Management... more

    Sunday, 29 March 2015 6:07 PM - Sarah