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
 Jun 3 2015 - Palestinian Farmer Injured By Israeli Army Fire in GazaQatar News Agency
(MENAFN - QNA) Israeli soldiers opened fire, on Wednesday morning, on a number of Palestinian farmers in their own lands, east of Khuza’a town, east of the southern Gaza Strip city of Khan ...

 Jun 3 2015 - Ashrawi Calls for Just Solution to Palestine Refugees PlightQatar News Agency
(MENAFN - QNA) PLO executive committee member Hanan Ashrawi affirmed the necessity that the Palestinian people should exercise their inalienable rights , including a just solution to the plight of ...

 Jun 3 2015 - Cabinet appoints Jabbour TRC president, Jawarneh as envoy to UzbekistanJordan News Agency
(MENAFN - Jordan News Agency) A cabinet session chaired by Prime Minister Abdullah Ensour, Wednesday decided to appoint Ghazi Jabbour as president of the Telecommunications Regulatory Commission ...

 Jun 3 2015 - Armed Forces General Command starts implementation of recruitment programJordan News Agency
(MENAFN - Jordan News Agency) The General Command of the Jordan Armed Forces-Arab Army started the implementation of His Majesty King Abdullah II's directives on Fursan Al Mustaqbal (Knighs of the ...

 Jun 3 2015 - 136 Syrian refugees cross into KingdomJordan News Agency
(MENAFN - Jordan News Agency) Jordan Armed Forces' border guards received 136 Syrian refugees in the last 72 hours, a source at the General Command of the Armed Forces reported on Wednesday.The new ...

 Jun 3 2015 - Gov't Spokesperson to hold press conference todayJordan News Agency
(MENAFN - Jordan News Agency) Minister of State for Media Affairs and Government Spokesperson, Mohammad Momani, will hold a press conference today at 4 pm at the Prime Ministry. ...

 Jun 3 2015 - Dana Gas, BP sign participation agreementDaily News Egypt
(MENAFN - Daily News Egypt) Dana Gas and British Petroleum (BP) signed a participation agreement, where BP will conduct the drilling of a first exploration well in the El-Matariya onshore Concession ...

 Jun 3 2015 - 1m tonne increase in Egyptian wheat production: Grain Industry ChamberDaily News Egypt
(MENAFN - Daily News Egypt) The decline in imported wheat this year came as a result of the abundant supply of wheat by farmers compared to the last year, according to Tarek Hassanein, head of the ...

 Jun 3 2015 - Arabian Cement's net profit declines 52% despite 11% revenue increaseDaily News Egypt
(MENAFN - Daily News Egypt) Leading cement producer Arabian Cement recorded an 11% increase in revenues of EGP 585m, during the first quarter (Q1)of 2015, compared to the same quarter last year. ...

 Jun 3 2015 - COMESA activation promotes Egyptian pharmaceutical exports to Africa: El-EzabiDaily News Egypt
(MENAFN - Daily News Egypt) Activating the three African economic blocs will develop and promote Egyptian pharmaceutical exports to Africa, according to Ahmed El-Ezabi, Head of the Pharmaceutical ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

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