Fine Hygienic Holding, the paper company based in Amman, in which Standard Chartered Private Equity has a stake, plans to launch an initial public offering in the next few years as it expands in the Middle East and North Africa .
James Lafferty, the chief executive of the company, told The National, “We have plans to go for an IPO in the coming years, though we have not decided the modalities of it but very soon we will make the announcements. It will strengthen our position in the region.”
In 2015, Standard Chartered Private Equity, a unit of the UK lender, led a consortium of companies that bought a “significant minority” stake in FHH for $175 million. The company is majority owned by Jordan’s Nuqul Group.
IPO activity in Mena was off to a slow start in the first half of the year with the capital raised amounting to $263m, a 70 per cent drop year-on-year . There were only six deals, compared to 13 in the first half of 2017 valued at $872m, according to law firm Baker McKenzie. Political concerns and market volatility contributed to the slow activity, which is expected to pick up in the second half of the year, the report said.
As FHH continues to expand its presence in Mena, aims to achieve double-digit revenue growth this year compared to 2017 .
FHH operates five mills in the UAE, Egypt and Jordan and has six plants in other countries including Saudi Arabia and Morocco.
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