UAE Business: Tecom Group to offer 12.5% shares in IPO – Gulf Digital News

UAE Business: Tecom Group to offer 12.5% shares in IPO – Gulf Digital News

Tecom Group, a member of the Dubai Holding group and owner, manager and operator of 10 strategic, sector-focused business districts across Dubai, today announced its intention to proceed with an initial public offering (IPO) and to list its ordinary shares for trading on Dubai Financial Market (DFM).

The company said 625 million ordinary shares will be made available in the global offering, representing 12.5% of Tecom Group’s issued share capital.

The offering comprises the Qualified Institutional Offering, the Exempt Offer, and the UAE Retail Offer.

The Qualified Institutional Offering and the Exempt Offer subscription period is expected to run from June 16 to 24; The UAE retail offer subscription period is expected to be from June 16 to 23.

The shares are anticipated to be listed for trading on the DFM on July 5, it said.

The statement said DHAM (Dubai Holding Asset Management) reserves the right to amend the size of the offering at any time prior to the end of the subscription period, subject to the approval of the SCA. DHAM is Tecom Group’s majority shareholder and Dubai Holding is its ultimate holding company.

The Internal Sharia Supervision Committees of Emirates NBD Bank and First Abu Dhabi Bank have issued pronouncements confirming that, in