Lulu expects to raise 6.6 billion dirhams from the offering in the Abu Dhabi market

Lulu Retail Holding Company announced today that it plans to raise $1.8 billion (about 6.6 billion dirhams) by offering 25% of its shares on the Abu Dhabi Stock Exchange.
The company had previously announced that a total of 2.582 billion ordinary shares, with a nominal value of $0.014 (equivalent to 0.051 dirhams), representing 25% of the total shares issued -out in the company’s capital, sold by the company’s sole shareholder, the Company Information Lulu International Holding Limited.
The company’s founder, Chairman of the Board of Directors and non-executive member of the board, Yusuf Ali, said at a press conference in Abu Dhabi today that the subscription period starts on October 28 and ends at ends on November 5 for individual investors in the Emirates, professional. The shares are expected to be admitted to trading in the Abu Dhabi market on November 14.
He said: “It is currently too early to talk about the offer price,” noting that the price will be determined on October 28 after the offer.
Abdul Qader confirmed that the offer will take place on the Abu Dhabi Securities Market only, and will not take place in any other financial market in the countries of the Gulf Cooperation Council, not even in any market in the world.
He explained that the group has 240 stores in 90 countries, including 106 stores in the Emirates alone, and provides its services to 600,000 customers every day with 130 nationalities, indicate that the offer will include “Lulu Retail” only and not the whole group.
He said that the group received revenue worth $3.9 billion (14.3 billion dirhams) in the first half of this year, an increase of 5.6% annually, and last year’s revenue was amounting to $7.3 billion (26.79 billion dirhams), annual year. changed so far +5.6% compared to yesterday.
He pointed out that the company is trying to maintain a total dividend rate of 75% of the annual distribution profits after deducting taxes, paid semi-annually. half of the next year.