June 5, 2023

Dubai Week

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"Tecom" sets the price range for delivery between 2.46 and 2.67 dirhams

“Tecom” sets the price range for delivery between 2.46 and 2.67 dirhams

TECOM Group, a subsidiary of Dubai Holdings, today owns ten specialized business parks focusing on key sectors, managing and operating and playing a key role in the growth of the knowledge-based sectors in Dubai, announcing the share price issue today. The beginning of the initial public offering period in the Dubai Financial Market.

The global stock market price range was set at between 2.46 dirhams and 2.67 dirhams per share. Dubai Holding Asset Management (“DHAM”), the selling shareholder, holds the right to increase the volume, with 625 million shares available for public subscription, accounting for 12.5% ​​of the total shares issued in the group’s capital. Global offer at any time before the end of the subscription period in accordance with the laws of the United Arab Emirates and under the approval of the Securities and Exchange Commission.

The total value of the global offering is 1.5 billion dirhams ($ 419 million) – 1.7 billion dirhams ($ 454 million), which means that the market value of the listed group is up to 12.3 billion dirhams ($ 3.4 billion) – approximately 13.4 billion dirhams ($ 3.6 billion).

  • 625 million shares are available for public subscription, accounting for 12.5% ​​of the total issued shares
  • Strategic Investment Fund and North Holdings have pledged to invest 283.75 million dirhams.
  • The subscription period is until June 23 for individuals in the UAE and until June 24 for eligible investors.
  • Determining the final offer price by creating the order book, it is expected to be announced on June 27th
  • The list of shares is expected to close on July 5, 2022 and start trading in the Dubai Financial Market.
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As previously announced, subscriptions for the issued shares are available to subscribers:
Individual subscribers, other investors and qualified Dubai Holding Group employees, as part of a personal subscription in the United Arab Emirates, as described in the Prospectus for the public offering of shares to individuals in the United Arab Emirates.
As part of the subscription and discount offer of eligible corporate buyers, to professional investors and other investors in many countries, including the United Arab Emirates.

Read more: “TECOM” issues 625 million shares and distributes 800 million dirhams annually

The subscription period for retail investors in the UAE starts today and ends on June 23, 2022, while the subscription period for eligible investors ends on June 24, 2022.

The shares are expected to be listed and traded on the Dubai Financial Exchange on July 5, 2022, subject to market conditions and approvals from relevant UAE regulatory authorities, including approval to list and trade the Group’s shares in the Dubai Financial Market.

Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, Morgan Stanley & Co. International and UBS AG London Branch have been appointed as Joint Global Coordinators and Joint Registration Managers.

In addition to Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Dubai Commercial Bank, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank and Mashreq Bank, Emirates NBD Bank has also been named the Leading Bank. Sharjah Islamic Bank Acquisition Banks.

Major investors

On June 15, 2022, TECOM Group entered into a fundamental investment agreement with UAE Strategic Investment Fund and North Holding, promising to invest a total of 283.75 million dirhams (approximately $ 77.25 million) in the group’s public offering and subject to final offer price, ownership of the shares listed by the two primary investors. There is a trade ban period of 180 consecutive days.

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The UAE Strategic Investment Fund was established following the announcement by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Governor, Deputy Prime Minister and Minister of Finance of Dubai for a list of 10 companies in the Dubai Financial Market. A strategic investor focuses on long-term investments in initial public offerings in Dubai. It is the exclusive portfolio of the Emirates NBD AM SPC managed by Emirates NBD Asset Management, one of the largest asset managers in the Middle East, with a record record of separate orders and mutual investments in shares and other asset classes listed in the MENA region. Finance.

Shamal Holding is a Dubai-based investment firm that manages a diverse portfolio of investments in line with the strategic directions of the Dubai Emirate to build a strong national economy.

The shares comply with Islamic Sharia principles

The Chairman and Executive Member of the Emirates NBD’s Internal Sharia Oversight Board and the first Abu Dhabi Bank’s Internal Sharia Oversight Board have issued statements confirming their view that global concessions are in line with the principles of Islamic Sharia. A. Investors should not rely on these statements and should make their own diligence to ensure that global offerings comply with Sharia for their own reasons.