Quotes: US 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




 






  MENA News Headlines
 Sep 1 2014 - Power oil & gas sectors account for 60 of SR84.9bn contractsArab News
(MENAFN - Arab News) Saudi Arabia recorded a significant upswing in the value of awarded contracts during the second quarter of 2014 as it reached SR84.9 billion. It marked a strong rebound from the ...

 Sep 1 2014 - TADAWUL: Insurance Energy sectors surge over 2Arab News
(MENAFN - Arab News) Saudi Arabia's benchmark the Tadawul All-Share Index (TASI) closed at 11112.12 and ended its Sunday's trading up over seventy points or 0.63 percent. Its year-to-date return ...

 Sep 1 2014 - Basketball: US Spain move to 2-0 Senegal picks up historic winArab News
(MENAFN - Arab News) SEVILLE Spain: United States and Spain both collected their second straight win at the 2014 FIBA Basketball World Cup on Sunday while Croatia fought off tough Argentina and ...

 Sep 1 2014 - Gilas Pilipinas under pressure after 2nd defeat by GreeceArab News
(MENAFN - Arab News) SEVILLE Spain: Gilas Pilipinas ran into a solid Greek wall on Sunday night and was driven on cliff's edge in the Fiba World Cup.Greece used its huge advantage in size and heft to ...

 Sep 1 2014 - Saudi - Labor law violation: 18773 companies face actionArab News
(MENAFN - Arab News) The Labor Ministry has slapped fines worth more than SR10 million on companies after its inspectors found 62762 labor rule violations during raids carried out over the past nine ...

 Sep 1 2014 - Salman-Hollande talks to focus on Mideast turmoilArab News
(MENAFN - Arab News) Turmoil across the Middle East which has led to the death and displacement of millions of innocent people will top the agenda of talks between Crown Prince Salman deputy premier ...

 Sep 1 2014 - Pakistani Army vows to protect democracyArab News
(MENAFN - Arab News) ISLAMABAD: The much-vaunted Pakistan Army declared on Sunday that it was committed to protecting democracy in the wake of anti-government protests.According to media reports ...

 Sep 1 2014 - Breakthrough in GCC-Qatar rowArab News
(MENAFN - Arab News) Saudi Arabia and other GCC states have reached a breakthrough toward ending their dispute with Qatar having agreed on principles to overcome differences leaders of thesix-member ...

 Sep 1 2014 - Cyberspace turning into battlefieldArab News
(MENAFN - Arab News) The US has launched a social media offensive against the Islamic State (IS) and Al-Qaeda setting out to win the war of ideas by ridiculing the militants with a mixture of blunt ...

 Sep 1 2014 - Japan France share spoils in team eventArab News
(MENAFN - Arab News) CHELYABINSK Russia: Japan and France took home the gold medals in the team competition on the final day of the judo World Championships in Chelyabinsk on Sunday.Japan recovered ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help