This reminded me of the Gulf Navigation IPO. I wonder what happened with that? I thought they were expecting to list this month, but haven't seen any news recently.
From GN 22 Dec 2006...
Who wrote this:
GEM wants to double assets before IPO launch
By Shakir Husain, Staff Reporter
Dubai: UAE-based product tanker operator Gulf Energy Maritime (GEM) said it wants to double its assets before an eventual initial public offering (IPO), a senior official said.
The current value of vessels owned by GEM is more than $1 billion, according to company director Yusr Sultan.
"We would like to double that figure before we have an IPO," he told Gulf News recently.
Established two years ago, GEM is owned by Dubai's Emirates National Oil Company (Enoc), Abu Dhabi's International Petroleum Investment Company (IPIC), Oman Oil Company (OOC) and Thales of France.
Sultan said the company is discussing new vessel orders, but gave no further details.
GEM aims to become one of the world's top 10 tanker operators.
It is scheduled to receive 12 high-specification vessels with an order book value of $570 million by the end of 2009, taking its double-hulled fleet to 19.
He said when the IPO is launched "there will be a reasonably good enough proportion put on the market for people to participate in the company."
"There is no exact timing because we are still growing the business. Market conditions at present do not support something like this and we would like to implement probably a couple of more years of our plan before doing an IPO. We will leave it to the shareholders to choose the right time," Sultan said.
He recently became a company director after being replaced as chief executive officer by Ahmad Eisa Hareb Al Falahi.
Here's why Gulf Energy Maritime might need to do an IPO. From KT...
Who wrote this:
Gulf Energy Maritime takes delivery of $57m tanker
BY A STAFF REPORTER
23 January 2007
DUBAI — Dubai-headquartered Gulf Energy Maritime (GEM) has taken delivery of the second of 13 double-hulled tankers on order with Korea's Hyundai Mipo Dockyard (HMD) in less than three months.
The $57 million Gulf Elan is the eighth double-hulled tanker in GEM's rapidly growing fleet, which is expected to triple within the next three years and take GEM's asset value to $1.1 billion. The company is to receive another 11 of the total order book of 13 ships valued at $590 million by 2009 end.
The ship was named by lady sponsor Jane Slemeck, wife of Mark Slemeck, Managing Director of Kingfish Services Ltd, London-based operators for IPC/Itochu Petroleum which has time chartered the ship for one year.
Gulf Elan will follow the trading path of its sister ship, Gulf Esprit, delivered to GEM last November, by going into time charter with Oman Methanol Company, a subsidiary of Oman's giant OMZEST Group, on a 15-year deal.
In response to global demand for methanol carriers, GEM in a 75-25 per cent partnership with WAROZ Holding Company Limited, an OMZEST subsidiary, had specially ordered the two IMO-III, N2 type 47,000 dwt ships to supply product transportation for its $400 million Sohar methanol plant.
At the vessel naming ceremony in Ulsan, Korea, Ahmed Essa Hareb Al Falahi, Chief Executive Officer, GEM said, "Our rapid fleet expansion is testament to industry growth and demand for quality-driven and safety-conscious operators, backed by carriers that are environmentally friendly and of the highest operational and technical standards."
"GEM is already the Middle East's largest commercial tanker operator, and will continue to grow and fill an expanding global niche for independent, refined petroleum transportation. The company already has long term charter contracts — current and future — for 11 of its tankers, securing revenues of up to US$ 400 million," he added.
Al Falahi commended Hyundai Mipo Dockyard, Abu Dhabi Commercial Bank and Lloyd's Register for their support and efficiency in ensuring delivery of Gulf Elan on budget and ahead of schedule.
"Our aim is to provide environmentally-friendly, high quality, refined petroleum and chemical tankers with the latest in doubled-hulled technology with deepwell pumps, to take us into the future and build our reputation," said Jim Hayer, Chief Operating Officer, GEM.
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