31 March 2008

Future Pipe Industries plans to sell 35% of shares in IPO

Dubai: Future Pipe Industries Group Limited (FPI), a Dubai based manufacturer of fibreglass pipe systems announced on Sunday that it would sell 35 per cent of its shares through an initial public offering and list the company on the Dubai International Financial Exchange (DIFX)Dubai International Financial Exchange (DIFX).

"We see this listing as the next step in our evolution as a global company. FPI has transformed itself into the global leader in large diameter fibreglass pipe systems. We have more than doubled our sales in the last two years, from $245.4 million in 2005 to $556.4 million in 2007," said Rami Makhzoumi, President and CEO of FPI.

The IPO will take the form of a sale of shares by Future Management Holdings, the sole shareholder of FPI, which is wholly-owned by the Makhzoumi family. Future Management Holdings will retain majority ownership of the company.

The securities will be issued in US dollars and priced through a book building process, which will set a market price before listing. Deutsche BankDeutsche's London branch is the sole global coordinator and bookrunner. Citigroup and mashreq are the co-lead managers.

The company expects to complete the listing by early May. The shares will be offered globally to institutional investors. UAE residents and Gulf Co-operation Council nationals, and corporations with qualifying investment accounts in the UAE, will be eligible to apply. The applications must be made in the UAE.

Retail investor applications are expected to open that day and close on April 21.

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Lebanon Time-Line

Introducing Lebanon

Coolly combining the ancient with the ultramodern, Lebanon is one of the most captivating countries in the Middle East. From the Phoenician findings of Tyre (Sour) and Roman Baalbek's tremendous temple to Beirut's BO18 and Bernard Khoury's modern movement, the span of Lebanon's history leaves many visitors spinning. Tripoli (Trablous) is considered to have the best souk in the country and is famous for its Mamluk architecture. It's well equipped with a taste of modernity as well; Jounieh, formerly a sleepy fishing village, is a town alive with nightclubs and glitz on summer weekends.

With all of the Middle East's best bits - warm and welcoming people, mind-blowing history and considerable culture, Lebanon is also the antithesis of many people's imaginings of the Middle East: mostly mountainous with skiing to boot, it's also laid-back, liberal and fun. While Beirut is fast becoming the region's party place, Lebanon is working hard to recapture its crown as the 'Paris of the Orient'.

The rejuvenation of the Beirut Central District is one of the largest, most ambitious urban redevelopment projects ever undertaken. Travellers will find the excitement surrounding this and other developments and designs palpable - and very infectious.

Finally, Lebanon's cuisine is considered the richest of the region. From hummus to hommard (lobster), you'll dine like a king. With legendary sights, hospitality, food and nightlife, what more could a traveller want?

Introducing Beirut

What Beirut is depends entirely on where you are. If you’re gazing at the beautifully reconstructed colonial relics and mosques of central Beirut’s Downtown, the city is a triumph of rejuvenation over disaster.

If you’re in the young, vibrant neighbourhoods of Gemmayzeh or Achrafiye, Beirut is about living for the moment: partying, eating and drinking as if there’s no tomorrow. If you’re standing in the shadow of buildings still peppered with bullet holes, or walking the Green Line with an elderly resident, it’s a city of bitter memories and a dark past. If you’re with Beirut’s Armenians, Beirut is about salvation; if you’re with its handful of Jews, it’s about hiding your true identity. Here you’ll find the freest gay scene in the Arab Middle East, yet homosexuality is still illegal. If you’re in one of Beirut’s southern refugee camps, Beirut is about sorrow and displacement; other southern districts are considered a base for paramilitary operations and south Beirut is home to infamous Hezbollah secretary general, Hassan Nasrallah. For some, it’s a city of fear; for others, freedom.

Throw in maniacal drivers, air pollution from old, smoking Mercedes taxis, world-class universities, bars to rival Soho and coffee thicker than mud, political demonstrations, and swimming pools awash with more silicone than Miami. Add people so friendly you’ll swear it can’t be true, a political situation existing on a knife-edge, internationally renowned museums and gallery openings that continue in the face of explosions, assassinations and power cuts, and you’ll find that you’ve never experienced a capital city quite so alive and kicking – despite its frequent volatility.