Listing and trading of TECOM shares on the Dubai Financial Market

The trading of the shares of "TECOM Group", which owns, manages and operates 10 specialized business complexes focusing on vital sectors in strategic areas in the Emirate of Dubai, under the trading symbol "TECOM", began today, Tuesday, July 5, 2022, after the completion of its initial public offering, and its successful listing in the Dubai Financial Market.


market opening

To celebrate the completion of its official listing, the Chairman of the Board of Directors of TECOM Group, Malik Al Malik, rang the market opening bell, in the presence of Amit Kaushal, CEO of Dubai Holding, and Abdullah Belhoul, CEO of TECOM Group, and CEO of Souq Dubai Financial and Nasdaq Dubai, Hamed Ali.


important achievement

The Chairman of the Board of Directors of "TECOM Group", Malik Al Malik, said that the listing of "TECOM Group" in the Dubai Financial Market is an important achievement for the Emirate of Dubai as a whole, and a historic step in the company's successful path.

He explained that the transformation of the group into a public listed company will allow investors to benefit from its leading position, as a prominent shareholder in the vital business parks in Dubai, and its unique capabilities that qualify it to benefit from the promising opportunities offered by the emirate and the strong foundations of its overall economy.

He pointed out that "TECOM Group" will play an important role in enhancing the diversity and depth of the financial markets in Dubai, and will provide wider options for market participants, welcoming, on behalf of the Board of Directors, all new shareholders of all segments.


Market development

For his part, the Chairman of the Board of Directors of the Dubai Financial Market, Hilal Al Marri, welcomed the listing of "TECOM Group" in the Dubai Financial Market, pointing out that this step represents a new achievement that reflects the leadership's vision in developing the emirate's financial markets and enhancing its position as a vital global center for capital markets. .

He said: "The success of listing (Tecom Group), which is the second listing in the market within the emirate's vision plan within three months, is a strong indication of the commitment of the Supreme Committee for the Development of Capital Markets and Exchanges under the leadership of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Vice President The Cabinet and the Minister of Finance, to speed up the implementation of the strategy for developing capital markets and to move forward towards achieving its objectives.

This listing is also evidence of the level of firm confidence in the market among the various participating parties.”


business model

In the same context, Abdullah Belhoul, CEO of TECOM Group, said: "We are proud of the success of the group's initial public offering, and the start of a new chapter in our success story as a public company listed on the Dubai Financial Market."

He added: “The exceptional demand that we have witnessed from a geographically diverse investor base is a clear indication of the great confidence in (TECOM Group), and its profitable business model, solid financial foundations and high operational flexibility.

The strong investor appetite for the offering also confirms their confidence in the company’s ability to implement its well-defined growth strategy, and its firm commitment to the best standards of environmental, social and corporate governance.”


Diversification of opportunities

In turn, Chief Executive Officer of the Dubai Financial Market and Nasdaq Dubai, Hamed Ali, said: “The listing of (TECOM Group), which has a proven track record of success in developing and managing specialized business parks in Dubai, will advance the DFM strategy aimed at diversifying investment opportunities for the local investor base. and international growth, as well as enhancing market value and diversifying its sectors.

This step will support our efforts to facilitate companies’ access to market services, enable owners to offer their shares for sale, and provide a highly efficient platform for raising capital.”


Initial proposal

And «Tecom Group» succeeded in raising about 1.7 billion dirhams through its initial public offering, while the final price of the global offering shares was set at 2.67 dirhams per share.

The offering included making 625 million ordinary shares available for subscription, representing 12.5% ​​of the total issued shares in the group's capital.

The global offering attracted strong demand, which resulted in a total coverage of the amount of shares offered by more than 21 times according to the final price, while the subscription of individuals in the UAE recorded coverage of nearly 40 times, which is the highest coverage ratio in the history of public offerings on the Dubai Financial Market to date.

As a result of the exceptional interest in the offering by international investors, about 30% of the shares of the qualified institutional investors were allotted to them.

DHL will remain the majority shareholder in TECOM Group with a stake of 86.5% (or 87.5% combined with DHL Free Zone).


price limits

It is noteworthy that the shares of "TECOM Group" are listed and traded within the real estate sector on the Dubai Financial Market.

No price limits were applied to the rise or fall of the group's shares during the first trading day, provided that they are applied starting from the second day of listing.


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