Aamal confirms pulled £400m share offering
QATARI conglomerate Aamal has confirmed it will pull its $600m (£371m) London share sale, as first reported in City A.M. yesterday.
The $2.4bn-valued company blamed the “continuing unfavourable new issues market environment” for its failure to list.
Aamal is said to have been unable to attract the valuation it had hoped for from investors, according to sources.
It becomes the latest in a string of failed London floats, amid a crippling City war over the pricing of IPOs.
The company, which owns a range of industrial businesses in the Middle East, had looked to float up to 24 per cent of its share capital on the London Stock Exchange in the form of global depository receipts (GDRs).
“Aamal expects to review the timing for its planned GDR offering in due course, subject to market conditions,” the firm said.