I set it between 2.46 and 2.67 dirhams per share.. The subscription period ends on June 23 for individuals

"TECOM Group" announces the price range for the offering share

TECOM Group, a subsidiary of Dubai Holding, which owns, manages and operates 10 specialized business parks focused on vital sectors, and is a key contributor to the development of knowledge-based sectors in Dubai, announced the price range of the offering share, and the start of the initial public offering period in the Dubai market. Dubai Financial.

price range

And it stated in a statement that the price range for the global subscription share was set between 2.46 and 2.67 dirhams per share, at a time when 625 million shares will be available for public subscription, representing 12.5% ​​of the total issued shares in the group’s capital, with Dubai Holding Asset Management retaining » (DHAM), the selling shareholder, has the right to increase the size of the global offering at any time before the end of the subscription period, in accordance with the laws of the UAE, and subject to obtaining approval from the Securities and Commodities Authority.

Expected value

According to the group, the total value of the global offering is expected to range between 1.5 billion dirhams and 1.7 billion dirhams (419 million and 454 million dollars), which means that the market value of the group upon listing will range between 12.3 billion and 13.4 billion dirhams approximately ( 3.4 billion and 3.6 billion US dollars).

Subscription process

According to what was previously announced, subscription to the offered shares will be available to individual subscribers, other investors, and qualified employees of the Dubai Holding Group (as explained in the prospectus for the public offering of shares for individuals in the UAE, as part of the individual subscription in the UAE.

It will also be available to professional and other investors in a number of countries, including the UAE, as part of the subscription of eligible institutional buyers and the exempt offering.

Subscription period

The subscription period for individual investors in the UAE began today and ends on June 23, 2022, while the subscription period for qualified investors will end on June 24, 2022.

The shares are expected to be listed and traded on the Dubai Financial Market on the fifth of July 2022, depending on market conditions and the approvals of the relevant UAE regulatory authorities, including the approval to list and trade the group's shares on the Dubai Financial Market.

Global Coordinators

Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, Morgan Stanley & Co. International PLC, and UBS AG, London Branch, have been appointed as joint global coordinators and joint registry managers.

Emirates NBD Bank was also appointed as the main subscription receiving bank, in addition to Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank, Mashreq Bank, Sharjah Islamic Bank, As banks receiving subscription.

Core Investors

On June 15, 2022, TECOM Group entered into basic investment agreements with the UAE Strategic Investment Fund and Shamal Holding, which committed to investing a total of 283.75 million dirhams (about $77.25 million) in the group's public offering, based on the Final offer price.

Shares owned by both primary investors will be subject to a 180-day ban period, following the listing of the company.

After His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, announced the listing of 10 companies on the Dubai Financial Market, the UAE Strategic Investment Fund was established to serve as a strategic investor focused on long-term investments in public offerings. primary in Dubai.

It is a separate portfolio of Emirates NBD, managed by Emirates NBD Asset Management.

As for "Shamal Holding", it is a Dubai-based investment company that manages a portfolio of diversified investments in line with the strategic directions of the Emirate of Dubai, to build a strong national economy.

Sharia Compliance

It is noteworthy that the Chairman and Executive Member of the Internal Shari'a Supervisory Committee of Emirates NBD, and the Internal Shari'a Supervisory Committee of First Abu Dhabi Bank, issued statements confirming that the global offering, from their point of view, is compatible with the principles of Islamic Shari'a.

Investors should not rely on these statements, and should conduct their own due diligence, to ensure that the global offering is compliant with Islamic principles for their own reasons.

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