Spence Holding plc announced on Tuesday that it intends to list its ordinary shares for trading on… Dubai Financial Market Through an initial public offering, according to a statement issued by the company.
The company, in a statement, said it will issue 900 million shares with a nominal value of 0.01 dirhams per share, representing 25 percent of the total shares issued in the company’s capital.
All shares offered as existing shares by Al Seer Group LLC, the sole shareholder of the company with the authority to change the size of the offer at any time before the end of the subscription period at its sole discretion, will be after obtaining approval from the Securities and Commodities Authority in the UAE.
The subscription period starts on Tuesday, April 23, and is expected to end on Monday, the 29th of the same month for individual investors in the UAE, and April 30 for professional investors.
It is currently expected that the subscription process will be completed and shares will be accepted next May, subject to market conditions and after obtaining the relevant regulatory approvals in the UAE, including acceptance approval to subscriptions for the offering and trading of shares on the Dubai Financial. Market.
The company’s capital was determined to be 36 million dirhams distributed among 3.6 billion fully paid cash shares, with a nominal value of 0.01 dirham.
After completing the offer, and starting in fiscal year 2024, the company plans to distribute semi-annual dividends to its shareholders in the months of April and October of each year, with the first payment in October 2024, for the first half of 2024.
For fiscal year 2024 and beyond, the company seeks to maintain dividends at 70 percent of annual after-tax operating profits, according to the statement.
2024-04-16 09:08:18
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