Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- Marka's IPO likely to attract huge turnout  Join our daily free Newsletter

MENAFN - Khaleej Times - 10/04/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN - Khaleej Times) Company plans 100 fashion stores restaurants and cafes

Marka’s initial public offering (ipo) is expected to attract huge turnout as the company is planning to open more than 100 fashion stores restaurants and cafes in the uae and rest of the gulf countries.

The ipo is not restricted to the gcc nationals only and open to all investors top officials of the company told reporters at a media roundtable on wednesday in dubai.

The event was attended by jamal al hai chairman of marka founders committee; khalid almheiri deputy chairman of the founders committee and dr mahdi mattar ceo of capm investment marka’s financial advisor and lead manager of the ipo.

The 12-day offer of 275 million shares at dh1 each representing 55 per cent of the company’s capital has received final regulatory approval and will start on april 13.

Responding a question to khaleej times regarding other listed companies’ move to increase foreign ownership al hai said that they are in different sectors and marka is into retail which is perfomring excellent in the country.

“we expect that a large turnout for marka’s shares will revive the ipo market in the uae by encouraging other companies to go ahead with their ipo plans” al hai said.

The founders committee of marka a public joint stock company under incorporation with a capital of dh500 million said that the company will use the proceeds from the ipo towards capital expenditures and operating expenses associated with the opening of fashion stores restaurants and cafes.

It is planned that the company will allocate 50 per cent of its investments for retail and the other 50 per cent will be allocated for the opening of restaurants and cafes. these investments will see the introduction of five new concepts in fashion and six new concepts in restaurants and cafes over the next five years.

Al hai expects that the ipo will enjoy a huge turnout in attributed to projected strong growth company prospects due in part to marka’s focus on the introduction of new concepts in the retail and food and beverages (f&b) sectors in the uae and the broader gcc region. he said both these sectors are witnessing increased activities and high profit margins exceeding the prevailing rates in many other sectors.

Almheiri said: “in addition to marka being the first public shareholding company operating in the uae’s retail sector and f&b sectors the significant growth prospect of the company along with the growing confidence in the local economy and the current recovery in the stock markets in the country all contribute to stimulating the demand for ipo shares.”

He said that marka in its first phase will focus on creating a strong presence in abu dhabi and dubai in particular and will gradually be expanding into the rest of the region. al muhairi noted that in the second phase marka will introduce new brands and concepts to the markets of saudi arabia kuwait and qatar.

Dr mattar said: “we expect to have large turnout and an ipo oversubscription due to the high growth prospects which the company enjoys on the one hand and the return of confidence to the financial markets on the other.”

Eight banks and financial institutions will receive the contributions of the investors willing to subscribe to the company’s shares including 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 islamic finance house.

— abdulbasit?khaleejtimes.com


Khaleej Times

  MENA News Headlines
 Oct 8 2015 - UK official says Russia making situation in Syria more dangerousKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) UK Secretary of State for Defence, Michael Fallon, called on Russia Thursday to stop supporting the regime of Bashar Al-Assad and to stop the regime from bombing ...

 Oct 8 2015 - EP calls for intØ¢'l protection for E.JerusalemKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The European Parliament called Thursday East Jerusalem to be placed under immediate international protection after a series of violent clashes have left several ...

 Oct 8 2015 - USD to drop further as profit raise postpones - analystKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The rate of the US dollar is expected to drop against the main currencies in time of weakening expectations on the raise of profit rates in the US before the end ...

 Oct 8 2015 - Israeli forces arrests 40 Palestinians in West BankKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Forty Palestinians were arrested by the Israeli force during an operation in the West Bank, said a statement by the Palestinian prisoners club Thursday.According ...

 Oct 8 2015 - Syrian Army: Russian airstrikes reduced ISIL fighting capabilitiesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Airstrikes by Russian warplanes reduced fighting capabilities of the so-called Islamic State in Iraq and Levant (ISIL) in Syria, the Syrian Armed Forces Commander ...

 Oct 8 2015 - Western, Russian intervention in Syria making matters worse - Arab LeagueKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Western and Russian intervention in Syria will not end the war and will not eliminate presence of the so-called Islamic State in Iraq and Levant (ISIL), said ...

 Oct 8 2015 - Kuwait- Light rain, dust for Thursday evening weather - forecastKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Light rain and dust is expected for the weather Kuwait Thursday's evening, said a weather forecast official.Deputy head of Kuwait weather forecast department, ...

 Oct 8 2015 - Jewish settler stabbed in JerusalemKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A Jewish man was stabbed Thursday in his upper body in Jerusalem in the third stabbing attack in just over 24 hours.Haaretz newspaper said on its website that a ...

 Oct 8 2015 - OPEC oil price up to USD 48.24 pbKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The OPEC daily basket price went up Wednesday USD 2.16 and stood at USD 48.24 per barrel (pb) compared with USD 46.08 pb the previous day, the cartel said here on ...

 Oct 8 2015 - Kuwaiti seeks Costa Rica's support to get non-Permanent UNSC seatKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A Kuwaiti Parliamentary friendship group sought Costa Rica's President Luis Guillermo Solis' support to help Kuwait obtain a non-permanent seat at the UN Security ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


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