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
 Aug 3 2015 - GBM Gold pours first gold at Victorian projectProactiveInvestors - Australia
(MENAFN - ProactiveInvestors) GBM Gold (ASX:GBM) has poured first gold mined from its Victorian gold open pit near Dunolly from 2700 tonnes of ore. The ore was processed at the A1 gold processing ...

 Aug 3 2015 - Mobily Q2 net loss hits nearly USD215mMENAFN
(MENAFN) Saudi Etihad Etisalat (Mobily), suffered a net loss of USD215 million during the second quarter of this year as a result of dispute with Zain.The company Exposed to loss in the second ...

 Aug 3 2015 - Dubai spent USD46.2m for water transmission networksMENAFN
(MENAFN) Dubai Electricity and Water Authority (DEWA), launched major water transmission networks with a length of 25km. This project matches Dubai Plan 2021, which pursues economic development, ...

 Aug 3 2015 - GCC Foreign Ministers hold coordination meeting in DohaSaudi Press Agency
(MENAFN - Saudi Press Agency) Foreign Ministers of the countries of the Gulf Cooperation Council held here on Sunday evening a coordination meeting ahead of their joint meeting with US Secretary of ...

 Aug 3 2015 - Saudi Arabian Football Federation holds its regular meetingSaudi Press Agency
(MENAFN - Saudi Press Agency) The board of directors of the Saudi Arabian Football Federation held its regular meeting here on Sunday.During the meeting, the board discussed topics on the agenda and ...

 Aug 3 2015 - Abu Dhabi's Agthia net profit up 20 percent in H1MENAFN
(MENAFN) Food and beverage company Agthia Group net profit for the first half of 2015 rose 20 percent to USD34 million from the same period last year, driven by higher sales and improved margins.The ...

 Aug 3 2015 - Syrian jet crashes into market, 12 killedSaudi Press Agency
(MENAFN - Saudi Press Agency) At least 12 people were killed when a Syrian army fighter jet crashed into a busy marketplace in the opposition-held northwestern town of Ariha on Monday, a monitor ...

 Aug 3 2015 - Qatar's Emir Receives GCC Foreign MinistersSaudi Press Agency
(MENAFN - Saudi Press Agency) Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, received today the Gulf Cooperation Council (GCC) for Arab States' foreign ministers, currently on a visit ...

 Aug 3 2015 - US State Secretary Arrives in DohaQatar News Agency
(MENAFN - QNA) US Secretary of State John Kerry arrives in Doha on Sunday night to take part in a joint meeting with Their Excellencies the Foreign Ministers of the Gulf Cooperation Council (GCC) ...

 Aug 3 2015 - Russian Foreign Minister Arrives in DohaQatar News Agency
(MENAFN - QNA) Russian Foreign Minister Sergei Lavrov arrived in Doha on Sunday night on a visit to the State of Qatar. The Foreign Minister and his accompanying delegation were welcomed upon ...

more...


 






Google

Click to Apply

 
 

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