Al-Ansari Financial Services offers its 10% stake in Dubai Financial
Al Ansari Financial Services Group announced its intention to pursue an initial public offering and list a portion of its ordinary shares on the Dubai Financial Market. ADNOC Gas on the Abu Dhabi Stock Exchange. .
The group said in a statement yesterday that 750 million shares will be available for public subscription, each with a nominal value of 0.01 dirhams (one fils) as a global offer, representing 10% of the total outstanding shares. Capital of the group.
He added that “Al Ansari Holding” reserves the right to change the size of the global offer at any time before the end of the period for setting the global offer price after obtaining the approval, considering the laws in force in the UAE. of Securities and Commodities Authority in the country. According to the statement, “Al-Ansari Holding” is the sole owner of the shares of “Al-Ansari Exchange” and is therefore the sole selling shareholder.
According to the prospectus for the public offering of shares for individuals in the United Arab Emirates, subscription to the global offering will be available to individual subscribers and classes of other investors. It is also available to professional investors and other investors in many countries. Except in the United Arab Emirates and the United States, as part of the subscription. Qualified corporate buyers.
Emirates Investment Authority reserves the right to subscribe up to 5% of the shares in the global offering and any of the professional investors must fully allocate the percentage of shares offered to Emirates Investment Authority before the allotment process commences. Subscribed to the global offer.
The subscription period for individual investors in the UAE is expected to start on March 16, 2023 and end on the 23rd of the same month, while the subscription period for professional investors is expected to start on March 16, 2023 and end on March 24. 2023.
The global offering process is completed and the shares are expected to be listed and traded on the Dubai Financial Market in April 2023, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval for listing from the Securities and Exchange Commission.
After completion of the global offer process, the shares owned by the selling shareholder are subject to a lock-up period of 180 days from the date of listing of the shares, subject to certain terms and conditions.
Abu Dhabi Commercial Bank and EFG Hermes Emirates Limited were appointed as joint global coordinators alongside EFG Hermes and Emirates NBD Capital. Abu Dhabi Commercial Bank and Emirates NBD’s internal Shariah oversight committees issued statements confirming the global offering’s compliance with Islamic Shariah norms.
Mohammed Ali Al-Ansari, Chairman of the Board of Directors of Al-Ansari Financial Services Group, said, “Over the past years the UAE has seen its global presence grow as a leading hub for tourism, trade and talent attraction. Thanks to funding, government initiatives in this sector and government guidance, it is in supportive policies.” reflects.
Al-Ansari emphasized: “Al-Ansari Group is ready to become a public company for financial services, which offers investors unique investment opportunities. .”
He added, “After the public offering of Al Ansari Financial Services Group, (Al Ansari Holding) will maintain a majority stake as the company’s largest individual shareholder, reflecting its commitment to support the group’s growth aspirations and collaborate with new stakeholders to enhance the value delivered by the group in the long term.”
For his part, Al-Ansari Financial Services Group CEO Rashid Ali Al-Ansari said during a press conference yesterday that the token price for the offering will be announced on March 17.
He also pointed out that the group has a global share of around 2.6% in international transfers and plans to add 60 new branches in the UAE soon.
He revealed that the group has signed an agreement to buy all the shares of “Al-Ansari Kuwait” as it awaits approval from regulatory authorities.
Al Ansari Financial Services Group intends to adopt a semi-annual dividend distribution policy so that this dividend is paid twice in each financial year, in the months of April and October of each year.
The group aims to distribute profits of at least 600 million dirhams for the income of 2023, the distributions of the first half will be paid in October 2023 and the distributions of the second half will be paid in April 2024, after which it is expected to distribute profits at a rate of not less than 70% of the net profit (paid twice a year).
sole proprietor
He added that “Al Ansari Holding” reserves the right to change the size of the global offer at any time before the end of the period for setting the global offer price after obtaining the approval, considering the laws in force in the UAE. of Securities and Commodities Authority in the country. According to the statement, “Al-Ansari Holding” is the sole owner of the shares of “Al-Ansari Exchange” and is therefore the sole selling shareholder.
Subscriber Segments
According to the prospectus for the public offering of shares for individuals in the United Arab Emirates, subscription to the global offering will be available to individual subscribers and classes of other investors. It is also available to professional investors and other investors in many countries. Except in the United Arab Emirates and the United States, as part of the subscription. Qualified corporate buyers.
Emirates Investment Authority reserves the right to subscribe up to 5% of the shares in the global offering and any of the professional investors must fully allocate the percentage of shares offered to Emirates Investment Authority before the allotment process commences. Subscribed to the global offer.
Subscription period
The subscription period for individual investors in the UAE is expected to start on March 16, 2023 and end on the 23rd of the same month, while the subscription period for professional investors is expected to start on March 16, 2023 and end on March 24. 2023.
The global offering process is completed and the shares are expected to be listed and traded on the Dubai Financial Market in April 2023, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval for listing from the Securities and Exchange Commission.
Prohibition period
After completion of the global offer process, the shares owned by the selling shareholder are subject to a lock-up period of 180 days from the date of listing of the shares, subject to certain terms and conditions.
Abu Dhabi Commercial Bank and EFG Hermes Emirates Limited were appointed as joint global coordinators alongside EFG Hermes and Emirates NBD Capital. Abu Dhabi Commercial Bank and Emirates NBD’s internal Shariah oversight committees issued statements confirming the global offering’s compliance with Islamic Shariah norms.
Public company
Mohammed Ali Al-Ansari, Chairman of the Board of Directors of Al-Ansari Financial Services Group, said, “Over the past years the UAE has seen its global presence grow as a leading hub for tourism, trade and talent attraction. Thanks to funding, government initiatives in this sector and government guidance, it is in supportive policies.” reflects.
Al-Ansari emphasized: “Al-Ansari Group is ready to become a public company for financial services, which offers investors unique investment opportunities. .”
He added, “After the public offering of Al Ansari Financial Services Group, (Al Ansari Holding) will maintain a majority stake as the company’s largest individual shareholder, reflecting its commitment to support the group’s growth aspirations and collaborate with new stakeholders to enhance the value delivered by the group in the long term.”
Indicated price
For his part, Al-Ansari Financial Services Group CEO Rashid Ali Al-Ansari said during a press conference yesterday that the token price for the offering will be announced on March 17.
He also pointed out that the group has a global share of around 2.6% in international transfers and plans to add 60 new branches in the UAE soon.
He revealed that the group has signed an agreement to buy all the shares of “Al-Ansari Kuwait” as it awaits approval from regulatory authorities.
Distribution of Dividends
Al Ansari Financial Services Group intends to adopt a semi-annual dividend distribution policy so that this dividend is paid twice in each financial year, in the months of April and October of each year.
The group aims to distribute profits of at least 600 million dirhams for the income of 2023, the distributions of the first half will be paid in October 2023 and the distributions of the second half will be paid in April 2024, after which it is expected to distribute profits at a rate of not less than 70% of the net profit (paid twice a year).