PVAXX eyes London AIM listing
Manama, January 13, 2008
PVAXX Limited, the materials technology company with operations in Bahrain, plans to list on the London Alternative Investment Market (AIM).
PVAXX, which is headquartered in Bermuda and listed on the Bermuda Stock Exchange (BSX), manufactures pallet production equipment in Bahrain.
The company with a market value of $500 million (when it is listed on AIM), ships pallets to Oman and has research facilities in the UK.
Up to $100 million is being raised from institutional investors to complete a pallet factory in Oman’s Sohar Industrial Port, to manufacture production lines in Bahrain and to meet other existing financial obligations, a top company official said.
'PVAXX intends to capture a significant share of the fragmented and rapidly-expanding global pallet market, which is estimated to be worth $30 billion annually, through its revolutionary recyclable pallets,' Henry Stevens, CEO of PVAXX, said.
'The global pallet market is moving from wood for environmental and other reasons including those related to the need for enhanced safety, hygiene and trackability.'
There is already strong customer demand across the Middle East and from around the world for the PVAXX pallets.
Machines produced in Bahrain have been used by PVAXX at a pilot production plant established in Dubai in 2005, where PVAXX was engaged in refining the manufacturing process, development and training for the production of pallets for field trials, he explained.
“PVAXX’s pallet production technology and its commercial model are positioned perfectly to take advantage of the opportunity offered by the fragmented and antiquated nature of the $30 billion global pallet market, Stevens added.-TradeArabia News Service