Northern Ireland

Viridian says no decision made to float on stock market

Viridian, the Belfast-based energy company, has said it has made no decision on a stock market flotation.

The financial news agency Reuters had said the firm was preparing for a flotation, likely to be in London.

Viridian controls the electricity supply firm Power NI, as well as the Huntstown power station in County Dublin.

The firm is currently owned by Arcapita, a Bahrain-based bank.

Viridian said: "We have made no decision to proceed with an Initial Public Offering (IPO)."

Reuters reported that Arcapita had hired the investment bank JP Morgan to lead the share listing.

Viridian said: "Viridian Group regularly works with a range of banks, including JP Morgan, to assist with financing and strategic options.

"JP Morgan has not been appointed as a global co-ordinator."

Reuters said a source indicated any deal could give Viridian a value of about £1bn.

Related Topics

More on this story

Related Internet links

The BBC is not responsible for the content of external Internet sites