Dubai business park operator TECOM plans July listing By Reuters June 9, 2022, 5:11 AM Creative Commons Dubai Holding Asset Management will sell 625 million ordinary shares in TECOM in the offer that opens on June 16 Dubai’s second IPO this year, after DEWAEmirate plans to take 10 government-linked companies public Dubai plans to sell a 12.5 percent stake in business park operator TECOM Group in an initial public offering that will list its shares on the emirate’s exchange, the company said in a statement on Thursday. It is the second offering from the emirate this year after Dubai Electricity and Water Authority (DEWA) raised $6.1 billion in the largest offering in the Gulf since 2019. Reuters first reported in November that Dubai Holding, the investment vehicle of Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum, was considering an IPO of TECOM Group. Dubai Holding Asset Management will sell 625 million ordinary shares in TECOM in the offer that opens on June 16, the company said in an intention to float document. It expects its shares to be admitted for trading on the Dubai Financial Market (DFM) on July 5. The company said it expects to pay a dividend of 800 million dirhams ($217.83 million) for every financial year over the next three years. Dubai’s deputy ruler, Sheikh Maktoum Bin Mohammed, in November announced plans to take 10 government-linked companies public to boost stock market activity. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
