"Dubai Electricity and Water" announces an increase in the number of offering shares available to individual investors

Dubai Electricity and Water Authority announced today, after obtaining the approval of the Securities and Commodities Authority, to increase the number of shares available for subscription within the first tranche (the segment of individual subscribers) and after receiving subscription requests from individual investors that far exceeded the supply, that the size of the segment of individual subscribers has been increased from 260 million shares to 760 million shares.

Thus, the total number of shares available for subscription in the initial public offering of Dubai Electricity and Water Authority will increase from 8,500 million ordinary shares to 9,000 million ordinary shares, which means that the shares that will be available for trading after listing will constitute 18% of the total issued shares in the capital of the Authority, with the Dubai Government retaining ownership 82% of its capital.

Based on the price range of the offering shares, which was previously determined between 2.25 and 2.48 dirhams per share, the value of the shares allocated to the segment of individual subscribers will range between 1.71 billion dirhams and 1.88 billion dirhams (i.e. between $465.62 million and $513.22 million).

Thus, the category of individual investors, including investors of the third tranche (which is allocated to the Authority's qualified employees) will represent 9.2% of the total volume of the offering after the increase.

Subscription closes today for retail investors in the UAE and on April 5 for qualified local and international investors.

It is expected that the Dubai Electricity and Water Authority's shares will be fully listed and traded on the Dubai Financial Market on April 12.

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