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Panceltica makes AIM debut

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Date: Monday 31 Mar 2008

LONDON (ShareCast) - Qatar-based Panceltica, which is the holding company for a group of specialist fast track construction companies, made its debut on London’s AIM this morning.

The group, which focuses on the GCC region, raised pre-IPO funds of $115m and in conjunction with admission two of the founder directors have sold 10m ordinary shares in the company through a secondary placing priced at 100p per share.

“The business momentum currently being generated within the Gulf region will enable the group to implement its growth strategy,” said chief executive Paul Fraser.

“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,” he added.

The secondary placing and pre-IPO fundraisings were undertaken by Blomfield Corporate Finance as nominated adviser and Hichens, Harrison as broker.