Former Arabtec CEO says banks will advise on listing in the UAE or Saudi Arabia
Hasan Ismaik, chairman of Jordan's Masaken Capital, plans to hire banks for a secondary equity listing next year, he told Reuters on Sunday.
Ismaik, ex-CEO of Dubai's Arabtec, bought 37 percent of the property and investment firm Masaken Capital last month for 5 million Jordanian dinars ($7.06 million).
Masaken Capital will hire an international investment bank, "the likes of JP Morgan or Deutsche Bank, and a local Jordanian bank like Arab Bank" to advise on a listing in the UAE or Saudi Arabia, Ismaik said.
The offering will involve new shares, he said, without specifying what percentage of the company's shares would be sold in the secondary offer.
Beforehand, Masaken aims to increase its capital to 500 million Jordanian dinars ($706 million) from 24 million dinars, he said, adding one of the "big four" accountancy firms would be hired soon to advise on the procedure.
Masaken will also soon announce a "big" acquisition in the UAE, Ismaik said, declining to provide further details.
The Jordanian businessman resigned from Dubai-listed Arabtec in June 2014 amid rumours of a fallout between him and Abu Dhabi state-owned Aabar Investments, which holds a significant stake in the Dubai contractor.
Ismaik, who still retains an 11.8 per cent shareholding in Arabtec according to bourse data, said there would be no conflict of interest between his ownership in Arabtec and his new position at Masaken.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.