UAE’s Al Ansari Financial Services to list 10% stake in IPO

UAE’s Al Ansari Financial Services to list 10% stake in IPO

UAE’s Al Ansari Financial Services has announced its intent to float 750 million ordinary shares, in the form of an initial public offering (IPO) on the Dubai Financial Market (DFM). The shares, each holding a nominal value of one fil (Dhs0.01), represent 10 per cent of the entity’s existing share capital. All shares to be offered represent the sale of existing shares held by Al Ansari Holding, which is the sole shareholder of Al Ansari Exchange. The global offering will be made available to individual and other investors as part of the UAE retail offering, which will run from March 16-23, 2023. It will also be made available to professional and other investors outside the US, including the UAE, as part of the qualified investor offering, which will close a day later. The Emirates Investment Authority shall be entitled to subscribe for up to 5 per cent of the global offering. The company plans to list the shares for trading on the bourse on or around April 6, 2023. subject to regulatory approvals. The company aims to adopt a semi-annual dividend distribution policy, targeting to pay a minimum dividend of Dhs600m with respect to 2023 earnings. ADCB, EFG-Hermes and ENBD