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TECOM Offers 625 Million Shares on Dubai Financial Market

  • Publish date: Thursday، 09 June 2022 Last update: Saturday، 21 December 2024
TECOM Offers 625 Million Shares on Dubai Financial Market

TECOM Group said it will proceed with an Initial Public Offering (IPO) to list its ordinary shares for trading on the Dubai Financial Market (DFM).

The company announced that 625,000,000 ordinary shares will be made available in the Global Offering, representing 12.5% of TECOM Group's issued share capital. The Global Offering comprises the Qualified Institutional Offering, the Exempt Offer, and the UAE Retail Offer.

All the Shares are existing shares being sold by the Selling Shareholder, and the company will not receive any proceeds from the Global Offering.

The Qualified Institutional Offering and the Exempt Offer subscription period is expected to run from 16th-24th June 2022.

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The UAE Retail Offer subscription period is expected to run from 16th-23rd June 2022. Admission of shares to trading on the DFM is anticipated on 5th July 2022.

TECOM Group intended to adopt a semi-annual dividend distribution policy to pay dividends in cash after the Global Offering in October and April of each year, subject to the Board of Directors and General Assembly's approval.

The company is expected to pay a dividend amount of AED800 million per annum over the next three years (through to October 2025).

TECOM is the owner, manager and operator of 10 strategic, sector-focused business districts across Dubai and a major contributor to the rapid growth of Dubai's knowledge and innovation-based economy

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