Metito plans IPO to fund expansion

Dubai: UAE-based utilities firm Metito said yesterday it planned to sell shares in an initial public offering as early as 2010 to finance expansion in Asia and Africa.

"We plan to have an IPO in two or three years from now but we still haven't decided on the amount we want to raise or the stake size," managing director Fady Juez said.

Metito is a water treatment and desalination firm operating across the Middle East with clients ranging from Saudi Basic Industries to Emaar Properties, according to its website.

"We are planning to expand in countries where we are already in and also enter new countries in the foreseeable future," Juez said.

Metito is considering bidding for a sewage treatment plant in Riyadh and another in Cairo, in addition to expanding in Oman, Juez said.

"The company plans to spend $100 million in in the next three years," he added.