Persian Gulf companies are joining a surge in emerging market share sales to raise funds as regional stock markets rebound and companies restructure their debt.
Aluminium Bahrain BSC, operator of an 850,000 metric-tons- a-year smelter, and Nawras, the Omani mobile phone company controlled by Qatar Telecom QSC, announced plans to sell shares in the coming months. Axiom Telecom LLC, a Dubai-based mobile- phone retailer, is also planning to sell shares, according to a person familiar with the matter.
“Markets in the region are less volatile than they were six months ago, which allows a fair valuation for companies planning to list,” said Fadi Al Said, head of equities at ING Investment Management (Dubai) Ltd. “There are a lot of companies in the region that need to restructure or increase their capital so they can grow their businesses.”
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