Steinmetz mulls floating Bateman International in London

Bateman International provides turnkey solutions for the oil and gas, power and chemical industries. Steinmetz floated Bateman Engineering on the AIM in October.

The successful IPO by Bateman Engineering NV (AIM:BTE) has apparently whetted Benny Steinmetz’ appetite. Sources inform ''Globes'' that Bateman International BV, the second subsidiary of the Bateman group, is considering going public on the London Stock Exchange next year. Numis Securities Ltd., which handled the IPO of Empire Online Ltd. (AIM: EOL), was the underwriter for Bateman Engineering, but Credit Suisse Group (NYSE:SCR; SWX:CSGN) will reportedly be either the sole underwriter for Bateman International, or lead a group of underwriters.

As part of a restructuring in July 2004, the Bateman group was split into two separate companies, both registered in the Netherlands. Bateman Engineering handles the group’s mineral resources, and Bateman International handles the group’s oil, gas, and chemicals interests. Bateman Engineering raised $25 million at a company value of $125 million in its IPO in October. It is currently traded at a market cap of $160 million.

Bateman International says it is “a global provider of innovative turnkey solutions for the oil and gas, power and chemical industries… covering a wide spectrum of services.” Shuki Raz is CEO. He joined the company in 1992 as CFO. Other Israeli executives include general director Bateman Projects Gad Haran and Bateman Chemical Technologies managing director Ehud Levy.

The Bateman group was founded in 1919 in South Africa, and went public on the Johannesburg Stock Exchange in 1951. Steinmetz acquired the company in 2002 through Charton Investments SA, and delisted the company. The Bateman group currently manages over 1,000 projects in 50 countries worldwide. The company has representative offices in Europe, the Commonwealth of Independent States (Russia and neighboring states), the Middle East and the US.

Published by Globes [online], Israel business news - - on December 20, 2005

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