Category: Archive

Horizon hits Irish and UK stock listings

February 16, 2011

By Staff Reporter

By Andrew Bushe

DUBLIN — Cork-born Samir Naji will be £4 million richer after the listing of his company Horizon Technology on the stock exchanges in Dublin and London on Dec. 6.

Horizon, which 37-year-old Naji set up with a £40,000 loan from his parents in 1988, is a computer software company that employs 270 people.

American-educated Naji, whose father is Egyptian, owns 67 percent before the float, but after the listing it will be diluted to about 62 percent.

Based on a comparison with other similar computer companies, Horizon has been valued by National City Brokers at £90 million.

The listing involves the placing of only 5 percent of the company or 2.9 million shares. On top of equity already held by outside investors, this will bring its float to 25 percent — the minimum stock exchange requirement.

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Naji said they plan to seek acquisitions in the Internet and electronic business areas.

The company has seven offices in Europe but most of the strong growth has been in the UK. The company had been in negotiations with Eircom about a possible link.

Naji said he plans to use the money to invest in technology stocks.

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