Abraaj Group’s Stanford Marine Group has appointed banks to help organize a stock market listing in London, as regional private equity firms tap foreign stock markets to departure investments, according to Reuters.
Deutsche Bank and Goldman Sachs Inc have been picked to arrange the listing of the oil and gas services firm, scheduled for the first quarter of 2014, three banking sources said on Wednesday, speaking on condition of anonymity as the matter has not been made public.
Abraaj, whose investment portfolio spans the Middle East, Africa and Asia, owns 51 percent of Stanford Marine, with the remaining stake held by Abu Dhabi-based investment firm Waha Capital WAHA.AD.
Stanford Marine, Abraaj, Waha Capital, Goldman Sachs and Deutsche Bank declined to comment. The sources did not disclose how much the company aimed to raise from the offering.
Private equity firms in the region are looking to exit their investments due to pressure from shareholders for returns and as financial markets recover from the twin blows of Arab Spring uprisings and the global financial crisis.
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