Spinneys Announces Intention To Float On Dubai Financial Market #Dubai - Dubai City Guide
Guest Posts, Link Building, SEO, Pay-Per-Click campaigns
Advanced Search
Home / News / Company News
Company News
   

Spinneys Announces Intention To Float On Dubai Financial Market
(16 April 2024)

 

Spinneys Holding plc today announced its intention to proceed with an initial public offering (IPO) and to list its ordinary shares for tra­­ding on the DFM.

In its statement, the company said that 900,000,000 shares each with a nominal value of AED0.01 will be made available in the Offering, representing 25% of the Company’s total issued share capital.

All shares to be offered are existing shares held by Al Seer Group LLC as the selling shareholder who reserves the right to amend the size of the Offering at any time prior to the end of the subscription period at its sole discretion, subject to applicable laws and the approval of the Securities and Commodities Authority (SCA) in the UAE.

The Offering will be made available to UAE Retail Investors and other investors as part of the UAE Retail Offering or First Tranche as well as to Professional Investors outside the United States, including the UAE, as part of the Qualified Investor Offering or Second Tranche.

The subscription period will open on Tuesday, 23rd April 2024 and end on Monday, 29th April 2024 for UAE Retail Investors and on Tuesday, 30th April 2024 for Professional Investors.

Admission of shares to trading on DFM is expected to take place in May 2024. The share capital of the Company, as at the date of the listing (the “Listing”), has been set at AED36,000,000 divided into 3,600,000,000 shares paid-in-full, with the nominal value of each Share being AED0.01.

Following the Offering, and starting from the fiscal year 2024, the Company intends to pay dividends on a semi-annual basis in April and October of each year, with the first payment targeted for October 2024, in respect of H1 2024.

For the fiscal year 2024 and the years thereafter, the Company will endeavour to maintain a dividend pay-out ratio of 70% of annual distributable profits, after tax.

Ali Saeed Juma Al Bwardy, Founder and Chairman of Spinneys, commented, “Having begun our story in Dubai in the early 1960s, we are proud to be taking another significant step in our journey. Spinneys is a long-standing brand with a strong heritage in the UAE and a commitment to quality, evolving over the decades to become one of the country’s leading premium fresh-focused food retailers.

Our IPO represents an opportunity for investors to be part of our next stage of growth and we are excited to embark on a new chapter, bringing our fresh opportunity to a wider shareholder base.”

We accept Guest Posts


DubaiCityGuide.com is owned and managed by Cyber Gear



  All fields are mandatory
Your Name
Email
City
Country
Your Comments
 Max 250 characters - Word Count :
Image Verification
Change Image

     
 
email print
 

Sponsored By : PressReleaseNetwork.com           Sponsored Opportunities

       
       
   
       

Hotels hotels Check out Hotels in Dubai
Shopping shopping A complete Mall & Store Guide
Dining dining Eating out at the coolest spots
Sightseeing sightseeing Things to see & do
DCG Recommends dcg recommends Best of the best in Entertainment
News Alerts
News Alerts
Stay ahead with dubai news
dcg mobile
dcg Mobile
With you wherever you go
rss feed
RSS Feeds
Get the latest
dubai blog
Dubai Blog
Your space, your voice
sitemap
Sitemap
DCG at a glance