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Trading in the shares of TECOM Group, which owns, manages and operates 10 specialized business complexes focusing on key sectors in strategic areas of the Dubai Emirate, and is a key contributor to promoting the growth of knowledge and innovation-based economic sectors in the emirate, started today, under the trading symbol “TECOM”, after the initial public offering was completed and successfully listed on the Dubai Financial Market.
TECOM Group managed to raise about 1.7 billion dirhams through its initial public offering, and the final price of the global offering shares was set at 2.67 dirhams per share. The offer included the provision of 625 million (625 000 000) ordinary shares for subscription, representing 12.5% of the total issued shares in the group’s capital. The global supply attracted strong demand, leading to a total coverage of the amount of shares offered by more than 21 times according to the final price, while the enrollment of individuals in the UAE recorded coverage of almost 40 times, which the highest coverage is ratio in the history of public offerings on the Dubai Financial Market to date. Due to the extraordinary interest in the offer by international investors, about 30% of the shares of the qualified institutional investors were allotted to them. DHIM LLC will remain the majority shareholder in TECOM Group with a stake of 86.5% (or 87.5% combined with DHIM Free Zone LLC).
To celebrate the completion of its official listing, Malik Al Malik, Chairman of TECOM Group, rang the market opening bell in the presence of Amit Kaushal, CEO of Dubai Holding, Abdullah Belhoul, CEO of TECOM Group, and Hamed Ali, CEO head of Dubai. Financial Market and Nasdaq Dubai, along with a number of officials.
Malik Al Malek said: “The listing of TECOM Group on the Dubai Financial Market is an important achievement for the Emirate of Dubai as a whole, and a historic step in the company’s successful path. The transformation of the group into a publicly listed company will enable investors to benefit from its leading position as a prominent shareholder in the dynamic business parks in Dubai, and its unique capabilities that qualify it to benefit from the promising opportunities provided by the emirate and the strong foundations of its macroeconomics. TECOM Group will also play an important role in improving the diversity and depth of Dubai’s financial markets, and will offer wider options to market participants. I take this opportunity, on behalf of the Board, to welcome all our new shareholders from all segments and to assure them of their continued work to achieve the best possible value for them in the long term. ”
Hilal Al Marri, Chairman of the Dubai Financial Market Board of Directors, welcomed the listing of TECOM Group on the Dubai Financial Market and pointed out that this step represents a new achievement that reflects the vision of the wise leadership in the development of the emirate reflects its financial markets and to strengthen its position as a major global center for capital markets. He said: “The success of the listing of TECOM Group, which is the second listing in the market within the emirate’s vision plan within three months, is a strong indication of the commitment of the Supreme Committee for the Development of Capital Markets and Exchanges under the leadership of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Governor of Dubai and Vice President The Cabinet and Minister of Finance, to expedite the implementation of the Capital Markets Development Strategy and to move forward to This listing is also proof of the level of firm confidence in the market among the various participating parties. ”
Abdullah Belhoul, CEO of TECOM Group, said: “We are proud of the success of the group’s initial public offering and the start of a new chapter in our success story as a publicly traded company listed on the Dubai Financial Market. The extraordinary demand we have seen from a geographically diverse investor base is a clear indication of the great confidence in TECOM Group and its profitable business model, solid financial fundamentals and high operational flexibility. The strong investor appetite for the offering also confirms their confidence in the company’s ability to implement its well-defined growth strategy and its firm commitment to the best standards of environmental, social and corporate governance. As we welcome our new shareholders, we assure them of our continued zeal to keep them informed of our progress in implementing our corporate strategy and our sustainability practices. ”
Hamed Ali, CEO of the Dubai Financial Market and Nasdaq Dubai, said: “The listing of TECOM Group, which has a proven track record of developing and managing specialized business parks in Dubai, will enhance the DFM’s strategy to increase investment opportunities. diversifies for a growing local and international investor base, as well as On improving the market value and diversifying its sectors. This step will support our efforts to facilitate companies’ access to market services, enable owners to offer their shares for sale and provide a highly efficient capital raising platform. ”
The shares of TECOM Group are listed and traded within the real estate sector on the Dubai Financial Market. No price restrictions were applied to the rise or fall of the group’s shares during the first trading day, provided that they are applied from the second day of listing.
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