Al-Ansari raises the stake of individual investors to 56.2 million shares

Yesterday, Al Ansari Financial Services Group announced that it will exercise its right to increase the number of preference shares allocated to individual investors in the UAE from 37.5 million ordinary shares to 56.25 million ordinary shares in the group’s initial public offering. Approval of Securities and Commodities Commission.

And the company said in a statement that the decision was taken due to overwhelming demand from individual investors and recording a surplus in the subscription of individual investors in the UAE.

The size of the offering on the Dubai Financial Market remains unchanged at 750 million ordinary shares, which is 10% of the total shares issued in the capital of Al-Ansari Financial Services.

As a result of the selling shareholder’s decision to increase the amount of shares allocated to the individual investor class, 693.75 million ordinary shares will be allocated to the professional investor class instead of 712.5 million ordinary shares.

Based on the previously announced price range of 1 to 1.03 dirhams per share, the value of the shares allocated to the individual investor segment will now be 56.3 to 57.9 million dirhams, which is 7.5% of the initial public offering size.

It is noteworthy that the offering shares are not new, but rather the existing shares belong to the selling partner «Al-Ansari Holding», which is selling 10% of its ownership in the group.

Therefore, the offering proceeds will go to the selling partner, without the group receiving any proceeds from the global offer, while the selling partner will retain ownership of 90% of the group’s shares after the global offer.

See also  The dollar is nearing its highest level in 2021

Final offer price

Al Ansari Financial Services Group said the final offer price will be determined through a book-building process after completion of subscription by qualified investors and is expected to be announced on March 27, 2023.

Completion of the Offer and acceptance of the Shares for listing on April 6, 2023 is expected after market conditions and receipt of relevant regulatory approvals in the UAE, including approval for listing and trading on the Dubai Financial Market. .

  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 102 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Best HydraFacial Clinic in Dubai: The Magic of Radiant Skin

    Best HydraFacial Clinic in Dubai: The Magic of Radiant Skin

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?