13 April 2008

Future Pipe Industries Group Limited (FPI) announces launch of IPO on DIFX

Future Pipe Industries Group Limited, the Dubai based global leader in the development, manufacture and supply of fiberglass pipe systems, today published its preliminary prospectus as well as a summary document and application form for its UAE retail offer and announced an indicative price range of $5.00 to $6.60 per share for up to 35% of its shares in its initial public offering (IPO) on the Dubai International Financial Exchange (DIFX).

Up to 84.0 million shares, including an over-allotment option of up to 12.0 million shares, will be offered to investors globally. The price of FPI's shares will be denominated in US dollars and will be priced through a global book building process with institutional investors. Retail and institutional investors will pay the same price for FPI's shares, which is expected to be announced on or about 30 April 2008.

FPI, founded by the Makhzoumi family, has become the global leader in the large diameter fiberglass pipe industry with operations spanning four continents and servicing clients in over 50 countries. FPI has pioneered the use of fiberglass in the large diameter pipe market and provides pipe systems for some of the world's largest development projects including Ras Laffan Industrial City in Qatar and the Dubai World Central Airport.

FPI highlights include:

• FPI is the global leader in large diameter fiberglass pipe systems servicing the oil & gas, water distribution, infrastructure & municipal, industrial, petrochemical, and desalination & power markets;

• FPI believes it has the world's most comprehensive portfolio of fiberglass pipe products, which enables it to provide fiberglass pipe solutions across most industry sectors;

• FPI currently operates 11 factories and a global network of sales offices;

• for the year ended 31 December, 2007, FPI's sales and EBITDA were approximately $556.4m and $87.6m, respectively. Sales derived from FPI's factories in the GCC in 2007 accounted for approximately $422.5m;

• FPI's share of the global large diameter fiberglass pipe market for 2007 is estimated at 11.6%;

• FPI has a leading market position in the GCC where demand for large diameter fiberglass pipes is estimated to have grown annually by 16.5% between 2001 and 2006, exceeding the annual growth rate for global large diameter fiberglass pipes which grew at 12.1%; and

• between 2005 and 2007 total group sales grew by 50.6%, primarily driven by strong growth throughout the GCC.

The intention to float up to 35% of FPI was announced on 30 March 2008. The IPO will be in the form of a sale of shares by Future Management Holdings S.A, the sole shareholder of FPI, which is wholly-owned by the Makhzoumi family. Future Management Holdings S.A. will retain majority ownership of the company.

Commenting on the announcement, founder and Chairman of FPI, Fouad Makhzoumi said:

'FPI has come a long way since we founded the company in 1984. I believe this IPO will be one of the most important milestones in our history and, as a Dubai based company that has grown with the Emirate, I am delighted that through this offer, we will be able to share our exciting future with investors from the UAE and the GCC.'

President and CEO of FPI, Rami Makhzoumi remarked:

'Pipes are the veins and arteries of civilization, delivering essential resources such as water, oil and gas to the world. Governments and nations simply do not have a choice but to invest in pipe systems. The world pipe market in 2006 was estimated to be worth over $120bn, 80% of which can be addressed by fiberglass as a pipe material. Fiberglass currently accounts for only 5% of that addressable market and this is where FPI's long-term growth opportunity lies.'

'Core to our strategy, therefore, is our ability not only to continue to grow FPI's share of the world fiberglass pipe market but also to convert customers and end users to fiberglass usage. Our mission is to convert the world to fiberglass. We aim to achieve long-term growth by enhancing our market share, through organic and non-organic growth, continuing to position fiberglass as a superior alternative to other, more traditional, pipe materials and growing the addressable market through further investment in technology, research and development.'

No comments:

Lebanon Time-Line

SEARCH This Blog

Loading...

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.