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
 Aug 1 2014 - India hires masked monkey men to combat macaque menaceKhaleej Times
(MENAFN - Khaleej Times) E very talented group of men has taken to wearing monkey masks imitating their whoops and barks and hiding behind trees to ward off the aggressive animals.India has hired a ...

 Aug 1 2014 - Isolated indigenous make contact with outside world in BrazilKhaleej Times
(MENAFN - Khaleej Times) Azilian experts said the indigenous people likely crossed the border from Peru facing pressure from illegal logging and drug trafficking at home.Isolated native people ...

 Aug 1 2014 - Hopes dim for India landslide survivorsKhaleej Times
(MENAFN - Khaleej Times) Out 160 people were thought to have been living in the dozens of damaged houses.Women mourn a victim of the landslide in Malin village of Pune district in western Maharashtra ...

 Aug 1 2014 - Indian nurses stuck in Libya to be shifted from todayKhaleej Times
(MENAFN - Khaleej Times) Acuation of Indians from the strife-torn Libya will begin on Friday with the first batch of 36 nurses from the southern state of Kerala moving to Tunisia in the morning on ...

 Aug 1 2014 - General Suhag takes over as the new India army chiefKhaleej Times
(MENAFN - Khaleej Times) Neral Dalbir Singh Suhag on Thursday took over as the new chief of the 1.General Suhag assumed charge after his predecessor handed over to him the Chief of Army Staff baton ...

 Aug 1 2014 - European Union formally adopts Russia sanctionsKhaleej Times
(MENAFN - Khaleej Times) E new measures finally agreed earlier this week after months of hesitation target Russias banking defence and energy sectors.The European Union formally adopted broad ...

 Aug 1 2014 - Train hits bus with bridal party in Bangladesh 10 killedKhaleej Times
(MENAFN - Khaleej Times) Lice said the accident occurred at an unguarded railway crossing allowing cars and buses to move freely across the track during the early hours of Friday.A train smashed into ...

 Aug 1 2014 - Gas blasts kill 24 injure 271 in TaiwanKhaleej Times
(MENAFN - Khaleej Times) E explosions believed to have been triggered by gas leaking from underground pipelines were powerful enough to upturn cars and tear open paved roads.Vehicles are left lying ...

 Aug 1 2014 - Friends CC GM score easy victories to enter Al Faraa T20 semisKhaleej Times
(MENAFN - Khaleej Times) The quarter-final matches Friends CC defeated Emistate by four wickets while GM CC coasted to a six-wicket victory over X Eleven.Friends CC defeated Emistate. — ...

 Aug 1 2014 - Romelu Lukaku lost focus as was not first choice says MourinhoKhaleej Times
(MENAFN - Khaleej Times) Joined Chelsea from Anderlecht for 18 million in 2011 but failed to make an impact at Stamford Bridge and spent the 2012-13 season on loan at West Bromwich Albion.Jose ...

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