By: Ramy Sameeh

Abu Dhabi – Mubasher: Kanoo Group is not planning an initial public offering (IPO) on UAE markets at the present time, vice chairman Mishal Hamed Kanoo said Monday.

The idea is not entirely excluded, but Kanoo Group is not currently considering offering a stake in the company for public subscription, Kanoo told Mubasher in an exclusive interview.

Kanoo Group has several expansion plans, he said, but declined to go into further detail, saying the company will reveal them in due time.

Established in Bahrain in 1890, Kanoo is one of the oldest commercial conglomerates in the Arab Gulf, with operations in Saudi Arabia, Bahrain, the UAE, Oman, Yemen and Qatar.

Kanoo Group and France’s AXA Insurance are currently focusing on completing purchase of the UAE’s Green Crescent Insurance Company (GCIC), the vice-chairman revealed, adding that it is expected that the two entities will invest nearly AED 100 million as a capital hike through convertible bonds.

GCIC shareholders in May 2014 approved expanding the capital base and forming a strategic long-term alliance with AXA and its UAE partner Kanoo.

Translated by: Nada Adel Sobhi