May 19, 2022

Dubai Week

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Emirates News Agency - List and Trade of Dubai Electricity and Water Authority Shares in the Dubai Financial Market

Emirates News Agency – List and Trade of Dubai Electricity and Water Authority Shares in the Dubai Financial Market

– Top Lists in Dubai’s ambitious strategy to improve financial markets.

DEWA is the largest company listed on the Dubai Financial Market in terms of market value.

The success of the offer boosts the growing financial markets in Dubai and the United Arab Emirates.

The largest IPO ever in the United Arab Emirates and the largest IPO in the EMEA region since the beginning of 2022.

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Shares of Dubai, April 12 / WAM / Dubai Electricity and Water Authority (“DEWA” or “Company”) began trading on the Dubai Financial Markets today under the “DEWA” index. Following its completion, the Dubai Electricity and Water Authority has become the largest listed company in the market, with a market value of 124 billion dirhams ($ 33.8 billion), based on its final offer price of 2.48 last week. Dirham per share.

The sale of 9 billion shares to the company, which represents 18% of the capital provided, brought the total revenue to 22.3 billion dirhams ($ 6.1 billion), and retained 82% of the capital issued by the Dubai government. The company and the Dubai Electricity and Water Authority’s initial public offering are the first public supply in the history of the capital markets of the United Arab Emirates and the largest in the EMEA region since the beginning of 2022.

DEWA saw strong demand and exceptional demand for its shares from various investor segments as it received 37 times more subscription requests (except for key and strategic investors).

Saeed Mohammed Al Thayer, Managing Director and CEO of the Dubai Electricity and Water Authority, rang the opening bell for trading in the Dubai Financial Market in the presence of Helal Al Marri, Chairman of the Dubai Financial Markets. Hamid Ali, CEO of the Board of Directors, and Dubai Financial Market and Nasdaq Dubai, by several executives.

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His Excellency Saeed Mohammed Al Thayer said: Today’s list of DEWAs in the Dubai Financial Market marks the beginning of a new chapter in the story of the success and development of power. I extend my deepest gratitude and appreciation to Sheikh Mohammed bin Rashid. May God protect Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Committee, and Sheikh Maktoum Bin. Mohammed bin Rashid Al Maktoum, Deputy Governor, Deputy Prime Minister and Minister of Finance of Dubai, for their overwhelming support for the Authority.

He added: “As the exclusive provider of electricity and water services in Dubai, this power has been a key contributor to Emirates’ comprehensive growth process and integrated part of its growing economy. We have seen widespread interest. Reflect. ” We are proud to offer investors a part of DEWA’s future that will play a key role in transforming Dubai’s growth and energy. Department at the Emirate. ”

For his part, HE Hilal Al Marri said: “We are pleased to welcome the Dubai Electricity and Water Authority (DEWA) listing in the Dubai Financial Market. It thus enhances the presence of these sectors in the market, especially in Dubai and the United Arab Emirates, where they play a vital role in economic development, and is a reflection of this important move, with the vision of wise leadership and the implementation of Dubai’s strategy to improve its financial markets and its position as a major global hub for capital markets. The public offering reflects the great confidence that various companies have in the Dubai financial market and around the world: listed companies, advanced services and a large and Class Infrastructure and Regulatory Infrastructure, which has a diversified investor base, is a preferred choice for companies to implement public offerings and raise the funds needed to implement development strategies. In turn, Hamad Ali said: “The issuance of DEWA shares and its listing in the Dubai Financial Market provides an opportunity for investors in general and income investors in particular to participate in the success and growth of one of the most important sectors. The public utility sector is generally characterized by stability and sustainable growth. In the light of current contacts with many companies that are driven by growing confidence in the national economy and want to expand and improve their businesses, the future opportunities of public offerings and inventories in the market are eager to take advantage of the many regulatory advances introduced. Recently it has enhanced the attractiveness of the market and provided various alternatives to those companies to implement this strategic move. It should be noted that the shares of the Dubai Electricity and Water Authority have been added to the Public Utilities Sector, without applying the approved price limits to the movements of the shares on the first trading day and will be used on the next day. Lists, the share subscription price was 2.48 dirhams.

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– ML –

Wm / Dina Omar