KIPCO repeats OSN float plan
June 30, 2014
By Chris Forrester
The on-off plan to mount an IPO at Dubai-based pay-TV operator Orbit Showtime Network (OSN) looks like it is back ‘on’.
KIPCO, the Kuwaiti investment sovereign fund, and which owns 60.5 percent of OSN, says the IPO scheme is back in place.
KIPCO’s vice-chairman Faisal Al-Ayyar, speaking on CNBC’s ‘Access Middle East’ business TV show, questioned on the position of the valued $4.4 billion value placed on OSN back in February, said that KIPCO was targeting a move before the end of this year.
“We are checking our options right now, we are discussing with our [other] shareholder. Number one choice will be MENA listing, and London Stock Exchange,” Al Ayyar stated. KIPCO’s other shareholder is Saudi-based Mawared Group.