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
 Feb 1 2015 - Kuwait's human rights briefing received positively by UNHRCKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The periodical review of the human rights situation in Kuwait had been well received by the UN Human Rights Council.In his speech to the session on the UNHCR ...

 Feb 1 2015 - Kuwait Airways .. 60 years of successful servicesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The beginning of Kuwait's economic development came with the first oil export back in 1946, followed by an era where a number of prominent projects were executed, ...

 Feb 1 2015 - Kuwaiti crude up 79 cents to USD 42.54 pbKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The price of Kuwaiti crude oil went up by 79 cents on Friday reaching USD 42.54 per barrel compared to USD 41.75 per barrel the earlier day, said Kuwait Petroleum ...

 Feb 1 2015 - Kuwait- Random profit-collecting sales drive KSE indices downKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait Stock Exchange (KSE) ended last week in the red zone driven by a strong and random sale-for-profit trend, a specialized economic report showed Saturday.The ...

 Feb 1 2015 - Lebanon's Mufti lauds Kuwait's leading humanitarian roleKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Lebanon's Grand Mufti Sheikh Abdel-Latif Derian commended here on Saturday the Kuwaiti leading role in humanitarian action and supporting needy people.Sheikh ...

 Feb 1 2015 - Kuwait- Awqaf Ministry inaugurates 4th strategic planning conf. MondayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Ministry of Awqaf and Islamic Affairs will inaugurate Monday the Fourth Conference on Outstanding Practices in Strategic Planning which will mull the role of ...

 Feb 1 2015 - Kuwait- EQUATE wins GPCA 2015 AwardKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) EQUATE Petrochemical Company announced that it has won a Gulf Petrochemical and Chemical Association (GPCA) award for best plastic products and processes."As a ...

 Feb 1 2015 - Full-blown Kuwaiti opera marks national celebrations in Feb.Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) In recognition of the sacrifices of Kuwait's martyrs during the 1990 Iraqi invasion, an unprecedented full-length opera will be staged on Feb 22-24, during the ...

 Feb 1 2015 - Bahrain revokes citizenship of 72 peopleKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Bahraini government has revoked the nationality of 72 people over failing in their allegiance duties towards the kingdom and harming its interests.The fresh ...

 Feb 1 2015 - Min. Al-Sanea stresses Kuwait's continuous support for Syrian refugeesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Visiting Minister of Justice and Minister of Awqaf and Islamic Affairs Yaqoub Al-Sanea said here on Saturday that Kuwait has been supporting the Syrian refugees ...

more...


 






Google

Internatinal Property Show

 
 

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