With the listing of "TECOM" shares, the market capital of "Dubai Financial" exceeds 535 billion dirhams
The market capital of the Dubai Financial Market exceeded the barrier of 535 billion dirhams after the listing of the shares of “TECOM Group”, today, Tuesday, in the wake of the great success of the global offering, which witnessed strong demand with the registration of the subscription of individuals in the country covering 40 times, which is the highest coverage ratio in the history of IPOs public in the Dubai Financial Market.
Market value
According to the monitoring of the Emirates News Agency, the market value of the shares listed on the Dubai Financial Market reached 521.9 billion dirhams at the end of yesterday's session, while the market value of "TECOM" with the listing amounted to about 13.4 billion dirhams, bringing the market capitalization to 535.3 billion dirhams.
Trading was active on "TECOM" shares during the first minutes of trading on the Dubai Financial Market, attracting more than 90 million dirhams, after trading 33.5 million shares.
TECOM subscription
The exceptional demand to subscribe to the initial public offering of "TECOM Group" from local and international investors was evidence of the firm's foundations, its capabilities and its ability to continue expansion and growth, in addition to the optimism in Dubai's economy and its promising growth prospects, and the firm confidence in the strength of the financial markets in the emirate.
The offering of "TECOM" included the availability of 625 million ordinary shares for subscription, representing 12.5% of the total issued shares in the group's capital, while the final price of the offering shares was set at 2.67 dirhams per share, that is, at the upper end of the price range.
profit distribution
TECOM Group intends to adopt a policy of distributing semi-annual dividends, as it will pay cash dividends after the global offering, in the months of October and April of each year, after obtaining the approval of the Board of Directors and the General Assembly.
TECOM expects to distribute a total cash dividend of 800 million dirhams annually over the next three years until October 2025.
A company's ability to distribute cash dividends depends on a number of factors, including the availability of distributable reserves, capital expenditure plans, and market conditions.
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