Tecom offers 625 million shares on the Dubai Financial Market

Tecom offers 625 million shares on the Dubai Financial Market

Tecom Group, a member of the Dubai Holding group, on Thursday announced its intention to proceed with an Initial Public Offering (IPO) and to list its ordinary shares for trading on the Dubai Financial Market (DFM). Tecom is the owner, manager and operator of 10 strategic, sector-focused business districts across Dubai and a major contributor to the rapid growth of Dubai’s knowledge and innovation-based economy. The company announced that 625,000,000 ordinary shares will be made available in the Global Offering, representing 12.5 per cent of Tecom Group’s issued share capital. The Global Offering comprises the Qualified Institutional Offering, the Exempt Offer, and the UAE Retail Offer. All the shares are existing shares being sold by the Selling Shareholder, and the company will not receive any proceeds from the Global Offering. The Qualified Institutional Offering and the Exempt Offer subscription period is expected to run from June 16th-24th, 2022. The UAE Retail Offer subscription period is expected to run from June 16th-23rd, 2022. Admission of shares to trading on the DFM is anticipated on July 5, 2022. DHAM (Dubai Holding Asset Management or Selling Shareholder) reserves the right to amend the size of the Global Offering at any time prior to