March 30, 2023

Dubai Week

Complete Dubai News World


“Dubai Electricity” triples the shares available for public subscription

D + D – Normal size

The Dubai Electricity and Water Authority (DEWA) said on Saturday that it had almost tripled the initial public offering installment for individual subscribers.

The segment of private subscribers increased from 260 million to 760 million due to higher demand and higher than the level of subscriptions of individual investors, a report added.

In detail, the Electricity and Water Authority today announced the increase in the number of shares available for subscription / “Private Subscribers Division” / subscription within the first installment, after obtaining the approval of the Securities and Exchange Commission.

The volume of the individual subscriber segment has increased from 260 million shares to 760 million shares after receiving more subscription requests than supply from individual investors. Therefore, the total number of shares available for subscription in the initial public offering of the Dubai Electricity and Water Authority will increase from 8,500 million ordinary shares to 9,000 million ordinary shares, i.e. the number of shares available for trading after listing will be 18. The Government of Dubai holds 82% of the total shares issued in the Authority’s capital and 82% of its capital.

The value of the shares allotted to the individual subscribers’ segment will be between 1.71 billion dirhams and between 1.88 billion dirhams (ie between $ 465.62 million), based on a pre-determined offer of 2.25 to 2.48 dirhams per share. $ 513.22 million). Thus, the category of individual investors, including third-tier investors / persons assigned to qualified employees of the authority / will be issued after an increase of 9.2% of the total amount of power.

See also  Falling gas prices in Europe

The subscription for retail investors in the United Arab Emirates ends today and ends on April 5 for eligible local and international investors.

Shares of the Dubai Electricity and Water Authority are expected to be fully listed and traded on the Dubai Financial Market on April 12.