31 March 2008
The London Stock Exchange is delighted to welcome Panceltica Holdings Limited to AIM.
Panceltica is the holding company for an international group of specialist fast track construction and construction related companies.
The Group specialises in the fast track fabrication and construction of residential and commercial property units in the GCC region (Saudi Arabia, Kuwait, UAE, Oman, Qatar and Bahrain). The Group uses the Scottsdale Technology, owned by the Group, to build lightweight Galvanized Steel framed structures.
Panceltica’s client base includes government-backed companies such as QRE and Barwa in Qatar, and the Tourism Development & Investment Company in Abu Dhabi.
Panceltica has successfully raised £10m via a secondary placing at 100p per share giving the company a market capitalisation of approximately £236.4m. Additionally, the Group raised approximately $115m through pre-IPO fundraisings in January 2008. Looking forward, the Group’s aim is to develop its business model within the GCC countries.
Commenting on the Admission, Paul Fraser, Group CEO, said:
“The successful flotation of Panceltica today bears testament to the tremendous growth opportunity our business is now presented with. The business momentum currently being generated within the Gulf region will enable the Group to implement its growth strategy.
We look forward to continuing the successful growth of Panceltica as a public company and taking full advantage of the global opportunities provided by the Group’s fast track construction technology.”
The Placing was undertaken by Blomfield Corporate Finance Limited as Nominated Advisor and Hichens, Harrison & Co. plc as broker. Buchanan Communications advised on financial PR.