Titanium Assets Management Corp. plans to raise a gross $120 million in an IPO on AIM.
Amir Keidan 30 May 07 15:31
Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) subsidiary Clal Finance Batucha Ltd. (TASE:CLFN) has committed to invest $60.6 million in Titanium Assets Management Corporation of the US. Clal Finance is using proceeds from its IPO in March to finance the investment.Clal Finance said that Titanium Assets was incorporated in February 2007 and is preparing for an IPO on London’s Alternative Investment Market (AIM). It is a Special Purpose Acquisition Corporation (SPAC), whose strategy is to acquire one or more asset assets under management (AUM) companies, such as mutual funds and portfolio management companies. The company will initially focus on acquiring companies in the US, and will later seek target companies around the world.
Clal Finance added that it expected that Titanium Assets would offer no more than 20 million units at $6 per unit for total gross proceeds of $120 million. Clal Finance committed to the purchase of 10.1 million units, which will give it control of the corporation.
Published by Globes [online], Israel business news - www.globes.co.il - on May 30, 2007.
View original article.
