APM Terminals Bahrain, the exclusive operator of Bahrain's Khalifa Bin Salman Port (KBSP), has elected a new six-member board of directors following the successful oversubscription of its IPO, said the company.

The new board members of the public-listed entity include David Skov, Soren Jakobsen and Fawzi Ahmed Kanoo as executive directors and Jesper Kjaedegaard as a non-executive director, while Mohamed Bin Ebrahim Juma Alshroogi and Nadhem Saleh Al Saleh have been named independent directors.

The announcement came at the company’s recently held Constitutive General Assembly (CGA), where the appointment of executive and non-executive directors were declared based on the 10 per cent voting rights under article 175 of commercial companies law and the independent directors elected by a secret ballot voting process, said a statement from APM Terminals Bahrain.

The board of directors will play an integral role in the future by providing guidance where required to improve the overall business performance of APM Terminals Bahrain and to ensure that KBSP continues to be a major contributor of Bahrain’s economic development, it stated.

APM Terminals Bahrain is the first transport and logistics company in the kingdom to list on the Bahrain Bourse with an oversubscription of 4.4x times the offer size.

The recent IPO is credited to be one of the most successful ones in Bahrain’s recent history, in terms of investor participation with 97.4 million shares being applied for, it added. – TradeArabia News Service