The Middle East bucked global trends last year to raise some
$21.9 billion through IPOs, according to Dealogic. That was more
than half the total for the wider Europe, Middle East and Africa
region.
Last week, state oil giant Abu Dhabi National Oil Co raised
about $2.5 billion from an IPO of its gas business.
Al Ansari said Abu Dhabi Commercial Bank , EFG
Hermes UAE and Emirates NBD Capital were mandated as joint
global coordinators for the IPO.
The company that began as a family business in 1966 is one
of the region's largest exchange businesses. As of end-2022, it
ran 231 physical branches and employed 4,123 people.
It made 595 million dirhams ($162.01 million) in net profit
last year, up from 491 million dirhams in 2021. Operating income
rose to 1.15 billion dirhams from 988 million dirhams in 2021.
Al Ansari is targeting a minimum dividend of 600 million
dirhams for 2023, to be paid out in October and in April next
year.
"A minimum dividend pay-out ratio of at least 70% of the
net profit generated (paid semi-annually) is expected going
forward," the company said.
It continues to evaluate accretive investment opportunities
for growth, but could pay a dividend higher than the minimum in
the absence of suitable opportunities, Al Ansari said.
The Emirates Investment Authority, the UAE's only
federal sovereign wealth fund, has the right to subscribe to up
to 5% of the offering, Al Ansari added.
($1 = 3.6727 UAE dirham)
(Reporting by Rachna Uppal; Writing by Yousef Saba; Editing by
Tom Hogue and Subhranshu Sahu)
(Updates with details)
DUBAI, March 9 (Reuters) - UAE-based exchange house Al
Ansari Financial Services said on Thursday it plans to float 10%
of the company on the Dubai Financial Market through an
initial public offering (IPO).
The subscription period for the offering of 750 million
shares will run between March 16 and March 24, and the shares
are expected to be listed on the exchange on or around April 6,
the company said in a statement.
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