Saudi-owned Aujan Industries Co, which makes the Vimto drink popular during Ramadan, said it delayed plans to sell shares in an IPO until towards the end of 2008 because of volatile markets.
Aujan, which sells 20 million bottles of the berry concentrate during Ramandan, has completed the due diligence in preparing for an initial public offering, company president Kerry Anastassiadis said on Thursday on Dubai Eye radio.
He did not give more details. Aujan also makes the non-alcoholic beer, Barbican.
Company Chairman Adel Aujan told Reuters in June that the beverage firm planned to raise as much as $213.3 millionin an IPO by the end of 2007.
The company, which appointed Samba Financial Group as adviser and lead manager for the IPO, planned to sell a 30 per cent stake, Aujan said at the time.
Around 40 per cent of the turnover is generated in Saudi Arabia, 15 per cent in Iraq and the remaining 45 per cent in countries such as the United Arab Emirates, Algeria and India. (Reuters)
Saudi Aujan, maker of Vimto, delays IPO plans