(Alliance News) - Uzbekistan-focused investor Oltin PLC has cancelled its proposed initial public offering, it said Tuesday, which would have seen it raise EUR50 million.
Oltin first announced plans to list on London's Specialist Fund Segment earlier in July. It would have placed 5 million new shares at EUR10.00 each.
There would also have been a subsequent placing of 7.5 million new shares at 750,000 new 'C' shares.
"The board of Oltin announces today it has decided to cancel the planned first admission and will instead pursue its investment objective and policy through a private fund structure," said Oltin on Tuesday.
Oltin is planning to invest in private companies, especially given the Uzbek government has recently announced an "extensive" list of privatisations, including of banks, the national airline, as well as resources companies.