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
 Jan 27 2015 - More Emirati students join Qasr Al Hosn Festival AmbassadorsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) More than 250 university students from across the Emirate of Abu Dhabi will be selected to act as the Qasr Al Hosn Festival Ambassadors during this year's ...

 Jan 27 2015 - DXB takes over top spot for international passenger trafficEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Airports today released its year-end traffic report which confirm that Dubai International Airport, DXB, has secured its position as the number one airport ...

 Jan 27 2015 - New Abra services in Abu DhabiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) A new water taxi service using a traditional wooden abra has been launched to connect two of Abu Dhabi's prime waterfront tourist destinations. Passengers can ...

 Jan 27 2015 - EGA Golfers to rub shoulders with world's best at omega Dubai Desert Classic Pro-AmEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) A select group of golfing guests of Emirates Global Aluminium, EGA, will enjoy one of the most memorable playing experiences of their lives when they compete in ...

 Jan 27 2015 - OPEC daily basket price for Monday announcedEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The price of OPEC basket of twelve crudes stood at US $42.90 a barrel on Monday, compared with US $43.69 the previous Friday, according to OPEC Secretariat ...

 Jan 27 2015 - Over one million Umrah performers cross King Abdulaziz International Airport within 45 daysEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) JEDDAH, 27th January, 2015 (WAM) - The number of Umrah performers arriving and departing from King Abdulaziz International Airport in Jeddah since the start of ...

 Jan 27 2015 - UNDP issues new development report spotlighting string of successes in Asia-Pacific regionEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The United Nations main development programme has spotlighted its string of successes in 36 countries and territories in the Asia and Pacific region in the areas ...

 Jan 27 2015 - ADES 2015 to run from 18th to 21st March at ADNECEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DOME Exhibitions today announced the third edition of Abu Dhabi Electronics Shopper, ADES 2015, the largest consumer electronics exhibition in Abu Dhabi, will ...

 Jan 27 2015 - GCC Secretary-General meets with UN officialEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dr. Abdullatif bin Rashid Al-Zayani, GCC Secretary-General has met with Ashok Nigam, UN Resident Coordinator and Resident Representative of the United Nations ...

 Jan 27 2015 - Saudi- Dawn of a new era under King SalmanArab News
(MENAFN - Arab News) A new era dawned in Saudi Arabia on Monday under the leadership of Custodian of the Two Holy Mosques King Salman as citizens across the country expressed their confidence in the ...

more...


 






Google

Electronic & Mobile Payment

 
 

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