Given the amount of reverse enquiry, the
lNALûBOOKûWASûHIGHLYûCONCENTRATED
UBS was sole bookrunner on what is
believed to be the largest sole-bookrun
accelerated bookbuild ever in Israel and the
largest Israeli block in several years.
NIGERIA
FLOUR MILLS KICKS OFF RIGHTS ISSUESubscription began last Monday for a
N39.855bn (US$110.6m) rights issue for food
conglomerate FLOUR MILLS OF NIGERIA. The
company said the capital raising would
strengthen its capital base through
deleveraging, as well as supporting working
capital and providing cash for investments
and acquisitions.
The rights issue comprises 1.476bn new
shares on a nine-for-16 basis at N27. Pricing
was a 22.85% discount to the share price of
N35 at the time the fundraising was
announced in early December 2017. Since
then, the stock has come off, closing on
Monday at N30 but maintaining that level
throughout the week.
Stanbic IBTC Capital is lead issuing house,
with FBNQuest Merchant Bank and Zenith
Capital as joint issuing houses.
QATAR
QATARI DAIRY GEARING UP FOR H1 IPODairy business BALADNA said on Monday that
ITûPLANSûTOûmOATûINûTHEûlRSTûHALFûOFûûANDû
has appointed QNB Capital to run the IPO,
with EY and PwC also hired. Regulatory
approval is still required. According to
Reuters, Baladna could be valued at about
QR2bn (US$550m).
SAUDI ARABIA
ARAMCO STILL DUE IN H2 BUT
SECOND VENUE TBD
The chief executive of state oil company
SAUDI ARAMCO, Amin Nasser, told journalists
on Thursday that plans are still in place for a
second-half listing. The expectation is for the
sale of a 5% stake, totalling around US$100bn
from a US$2trn estimated valuation.
“The company is ready for listing in 2018
when the decision is taken on the listing
venue,” Nasser told reporters at the
company’s headquarters.
“We want to see if there is going to be a
listing in another market,” he added, in
reference to the expectation that the
company will list locally and on an
international exchange, with London, New
York and Hong Kong the most likely of those
touted. “There is a committee that is formed
that looks into it and whenever the decision
is taken the company is ready to implement.”
HSBC, JP Morgan and Morgan Stanley are
global coordinators for the IPO, with a
beauty parade expected to take place at the
company’s headquarters between the end of
this month and mid-February. Citigroup,
Deutsche Bank and Goldman Sachs are
believed to have been sent RFPs regarding
POTENTIALûSENIORûROLESûONûTHEûmOATAL RAJHI REIT ACHIEVES
FUNDRAISING TARGETAL RAJHI REIT, which kicked off its IPO on
*ANUARYûûTOûMAKEûITûTHEûlRSTû%-%!û)0/ûLAUNCHû
of 2018, has achieved its fundraising target
ahead of a listing on Saudi Stock Exchange.
The company placed 42.7m shares at SR10
per share, raising SR427m (US$113.88m).
In total, the company received
subscriptions of SR740m or 174% of the
target, and allocations were scaled back on a
52% basis to applicants that applied for at
least 100 shares, which was the minimum.
The offering ran from January 1 to January 14.
The sharia-compliant REIT will invest in
RETAIL ûOFlCE ûWAREHOUSEûANDûEDUCATIONû
assets in the kingdom, except for Mecca and
Medina, with a seed portfolio of 13 income-
generating properties.
The offer was open across Saudi and the
'##ûANDûTOûQUALIlEDûFOREIGNûINVESTORS
Al Rajhi Capital holds 10% of Al Rajhi
REIT, and has agreed to a two-year lock-up.SWITZERLAND
BELL FOOD GROUP TO FINANCE
HUGLI BUYMeat processor BELL FOOD GROUP has acquired
a 50.2% stake in peer HUGLI, with plans to
purchase Hugli’s remaining shares.
4OûlNANCEûTHEûPURCHASEûANDûINVESTMENTû
in production facilities, Bell Food is planning
a SFr600m (US$623m) rights issue, as well as
issuing SFr350m of bonds later in January.
UBSûISûADVISINGûONûTHEûOVERALLûlNANCING
Shareholders get the chance to vote on
the fundraising at an EGM on April 20.UAE
SHAREHOLDERS BACK UNITED
ARAB CASH CALLShareholders approved a Dh687.5m
(US$187m) capital increase for UNITED ARAB
BANK at a general assembly last Monday. Thefundraising will comprise 687.5m new
shares, representing 50% of existing share
capital.
United Arab Bank said the proceeds will
strengthen the capital base and meet central
bank capital adequacy requirements.
The offering will be on a one-for-two
basis, with rights trading February 13-27 and
subscription February 21-March 7. The
record date is February 11. A result is due on
Monday March 12.
The shares closed Tuesday at Dh1.87.
Commercial Bank of Qatar is United Arab
Bank’s largest shareholder with a 40% stake,
followed by founder and chairman of the board
Sheikh Faisal Sultan Salem Al Qassimi with
10.27%. Al Majed Investment Company has 5.42%
and Jumaa Al Majed Abdullah Muairi has 5.31%.
Emirates NBD is subscription manager.UK
CINEWORLD SETS TERMS FOR £1.7bn
RIGHTS ISSUECINEWORLD is moving ahead with the £1.7bn
CAPITALûINCREASEûPART
lNANCINGûITSû
acquisition of REGAL ENTERTAINMENT, as
announced in December.
Cineworld is buying Regal in a reverse
takeover priced at US$23 per Regal share,
which values Regal’s share capital at
US$3.6bn/£2.6n and an enterprise value of
£4.2bn. In addition to funds from the capital
increase, there are debt facilities of US$4bn.
The rights issue involves 1.095bn shares,
representing 400% of existing share capital,
on a four-for-one basis at 157p. Pricing is a
34% discount to the theoretical ex-rights
price of 238.3p, based on the 563.5p close on
January 16. The record date is January 31,
with subscription running during February
5-19, with a result due on February 20. The
acquisition and fundraising are conditional
on shareholder approval at an EGM on
February 2.EQUITIES EMEAEMEA EQUITIES
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 Goldman Sachs 4 1,462.53 25.0
2 Credit Suisse 3 1,206.01 20.6
3 UBS 2 863.86 14.8
4 SG 2 483.09 8.3
5 BNP Paribas 2 236.18 4.0
6 Morgan Stanley 1 186.71 3.2
7 Stifel/KBW 1 137.27 2.3
8 Mediobanca 1 126.61 2.2
9 Citigroup 2 116.45 2.0
10 Numis 2 115.91 2.0
Total 28 5,841.53
Including all domestic and international deals and rights issues
Source: Thomson Reuters SDC code: C4cr