DUBAI, Sept 16 (Reuters) - Abu Dhabi's Gulf Capital said onMonday it has hired an investment bank to advise it on a renewedattempt to issue shares in oil and gas services firm, GulfMarine, on an overseas stock exchange.
The private equity firm, which owns 79 percent of the MiddleEast's largest operator of jack-up barges, tried to sell thebusiness last year for more than $500 million but talkscollapsed due to financing issues and differences over itsvaluation.
Since then Gulf Capital has been preparing Gulf MarineServices - one of the biggest assets in its portfolio - for aninitial public offering in a major stock exchange such as Londonor Singapore.
Private equity firms in the region are looking to exit theirinvestments due to pressure from shareholders for returns and asfinancial markets in the region recover from the twin blows ofArab Spring uprisings and the global financial crisis.
Gulf Capital said it hired Rothschild as afinancial advisor for the initial public offering (IPO).
"Gulf Marine is an extremely profitable business and thefirm is ready to be listed in a major international stockexchange. Rothschild will help us identify the location for theIPO as we prepare for the listing," said Karim El-Solh, GulfCapital's chief executive.
Gulf Capital is set to appoint Bank of America Merrill Lynch, Barclays Plc and J.P. Morgan Chase Inc as arranging banks on the IPO, three banking sources aware ofthe matter said. The sources spoke on condition of anonymity asthe matter is not public.
One of the sources said Gulf Capital was most likely to listGMS on the London Stock Exchange. Other Abu Dhabi-basedfirms have listed in London recently. Al Noor Hospitals listed in London in June with a valuation of $1 billion. Itsrival, NMC Healthcare listed in London last year.
El-Soh declined to comment on the appointment of arrangingbanks.
He expects the GMS listing to take place by mid-2014, hesaid. Gulf Capital had led a consortium of investors whoacquired 100 percent of GMS in 2007.
During Gulf Capital's ownership of the firm from 2007 to2012, revenue rose 460 percent and profitability rose by 750percent, Gulf Capital said in its website.
In July, Abu Dhabi Islamic Bank arranged a $360million syndicated Islamic facility for GMS, with some of theproceeds used to pay out investors as dividends.
Barclays (BARC)
