Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Marka IPO opens today expected to see huge turnout  Join our daily free Newsletter

MENAFN - Khaleej Times - 13/04/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - Khaleej Times) Marka is offering for sale a 55 per cent of its capital or 275 million shares at dhs1 in a 12-day sale beginning today

The dubai financial market’s general index. — kt file photo


Marka’s initial public offering (ipo) today which is the first ipo on the dubai financial market (dfm) since 2009 is expected to oversubscribe by several times according to industry specialists.


The dubai bourse benchmark index has nearly tripled since the end of 2012 and that suggests marka may see strong investor demand. last month nasdaq dubai saw its first ipo since the global financial crisis and emirates reit was oversubscribed by 3.5 times.


There are a number of reasons for the oversubscription of this ipo for at least five times they said adding that this is the first retail company which will be listed on the dubai’s main bourse and the retail sector is one of the best performing sectors in the uae. in addition the ipo is open to all nationalities and every applicant will be entitled to own shares.


The minimum subscription is 5000 shares at dh1 a piece plus a premium of three fils per share. any subscription exceeding this minimum shall be in multiples of 1000 offer shares. if the number of shares subscribed surpassed the number of shares offered stocks will be allocated to subscribers by pro-rata. marka created by prominent businessmen in the uae is offering for sale a 55 per cent of its capital or 275 million shares at dhs1 in a 12-day sale beginning today. the company is planning to spend the proceeds on opening more than 100 fashion stores restaurants and cafes across the gulf region over the next five years.


Jamal al hai chairman of the founders committee said: “we have adopted the concept of proportionality in the allocation as a fairer method because it allows all subscribers to get an allocation as per the percentage of their subscribed amount out of the total subscription. this concept will make sure that no subscriber is denied a subscription regardless of the number of shares he has subscribed to. it also takes into account the interests of small and large investors alike considering not more than five per cent of shares will be allocated to a single subscriber.”


Subscription banks have made preparations to meet the expected high turnout through the allocation of work teams in the branches that are receiving subscription applications. the subscription which will continue until april 24 will be carried out through selected branches of eight banks and financial institutions namely national bank of abu dhabi union national bank abu dhabi commercial bank dubai islamic bank national bank of fujairah commercial bank international finance house and the islamic finance house.


Al hai explained that in case of oversubscription the shares will be proportionately distributed to the subscribers. allocation shall be to the nearest complete share provided that none of the shareholders as a result of the allocation be deprived of participating in the company irrespective of the number of shares subscribed.


Marka will be the first public shareholding company operating in the uae’s retail sector and food and beverages (f&b) sectors. it seeks to establish itself as a leader in the retail and f&b markets in the gcc. it will introduce to the regional markets innovative global brands and concepts in the fields of fashion restaurants and cafes.

Abdulbasit?khaleejtimes.com




 


Khaleej Times




  MENA News Headlines
 Mar 25 2017 - Egypt- Syndicate leaders to appeal verdict before Cassation CourtDaily News Egypt
(MENAFN - Daily News Egypt) Members of the Press Syndicate asserted on Saturday that they will appeal before the Cassation Court against the verdict issued by a Cairo misdemeanours court, ...

 Mar 25 2017 - Egypt- EGP 16bn allocated to wheat purchase: ministerDaily News Egypt
(MENAFN - Daily News Egypt) The Ministry of Finance allocated EGP 16bn to the General Authority for Supply Commodities (GASC) to buy 4 million tonnes of local wheat at a price ranging between EGP ...

 Mar 25 2017 - Egypt- Launch of healthcare investment conference on 8 AprilDaily News Egypt
(MENAFN - Daily News Egypt) The first annual conference for investment in the health care sector will be held during the period from 8 April to 10 April on the sidelines of the Mediconex ...

 Mar 25 2017 - Egypt- Police arrests 13 alleged brotherhood members in AlexandriaDaily News Egypt
(MENAFN - Daily News Egypt) The Ministry of Interior released a statement on Friday in which it declared that it arrested 13 Muslim Brotherhood members, allegedly affiliated with the group's ...

 Mar 25 2017 - Egypt continues 'Zayed 2' joint military exercise with UAEDaily News Egypt
(MENAFN - Daily News Egypt) On Saturday, Egyptian and Emirati armed forces continued the joint military exercise 'Zayed 2', in which both countries' ground, aerial, and naval forces participated. ...

 Mar 25 2017 - Saudi Arabia is a major trade partner of Jordan, ACC presidentJordan News Agency
(MENAFN - Jordan News Agency) Amman, March 25 (Petra)--President of the Amman Chamber of Commerce (ACC) Senator Issa Haidar Murad said that Saudi Arabia is one of Jordan's main trade partner, noting ...

 Mar 25 2017 - Jordan- U.S. Embassy: We do not ask applicants for their social media account passwordsJordan News Agency
(MENAFN - Jordan News Agency) Amman, March 25 (Petra)--The U.S. Embassy in Amman said that it does not ask visa applicants for their social media account passwords. The embassy said in a statement on ...

 Mar 25 2017 - Jordan- Permanent representatives praise His Majesty's efforts to defend holy sites in JerusalemJordan News Agency
(MENAFN - Jordan News Agency) Amman, March 25 (Petra)--A draft resolution on the Palestinian issue that was adopted by permanents representatives of the Arab League and top officials on Saturday, ...

 Mar 25 2017 - Jordan- Arab League Council meetings open at Dead SeaJordan News Agency
(MENAFN - Jordan News Agency) Dead Sea, March 25 (Petra)--Meetings of the Arab league Council at the level of permanent representatives and senior officials started at the Dead Sea shores in the ...

 Mar 25 2017 - Jordan- Queen Rania urges educators to teach values of peace and co-existence at Teacher Skills ForumJordan News Agency
(MENAFN - Jordan News Agency) Amman, March 25 (Petra)--Her Majesty Queen Rania Al Abdullah encouraged educators to redefine their roles as leaders of hope at this year's Teacher Skills Forum, and ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help