Dubai Holding’s TECOM Group (“Company”) announced on Thursday that it would like to continue its initial public offering and list a portion of its ordinary shares in the Dubai Financial Market.
The TECOM Group owns and operates ten specialized business parks focusing on key sectors in the strategic areas of the Emirate of Dubai, and is a key player in the development of knowledge-based sectors in the Emirate.
The initial offer includes 625 million ordinary shares or 12.5% of the total shares issued in the TECOM Group’s capital.
Global offer includes subscription to eligible corporate buyers, discount offer and subscription to individuals in UAE.
The period for subscription and exemption offer for buyers from eligible companies will start on June 16, 2022 and end on June 24, 2022, the panel said in a statement.
In addition, the subscription period for individuals in the United Arab Emirates ends on June 16, 2022 and June 23, 2022.
The shares are listed on the Dubai Financial Market on July 5, 2022 and are expected to be traded.
DHIM LLC (also known as “Dubai Holding Asset Management” or “DHIM”) reserves the right to revise the global offer size at any time before expiration. Obtaining approval from the Securities and Exchange Commission of the United Arab Emirates after subscription. DHL is a majority shareholder in the TECOM Group, based in Dubai.
The report points out that Emirates NBD and First Abu Dhabi Bank’s internal Sharia oversight committees have issued statements confirming the conformity of the offering with the rules of Islamic Sharia.
TECOM Group intends to adopt a policy of distributing half-yearly dividends in October and April each year, subject to the approval of the Board of Directors and the General Assembly, after the Global Offer.
The group expects to distribute AED 800 million in total cash dividends annually over the next three years (until October 2025).
A company’s ability to distribute cash returns depends on a number of factors, including disposable reserves, capital spending plans and market conditions.
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