TECOM shares take up 75% of Dubai Financial’s liquidity

The shares of “TECOM Group” yesterday exceeded the trading value of the Dubai Financial Market, in value and volume, on the first day of trading, with a value of 407.37 million dirhams, equivalent to 74.73% of the total market value in the market. , while the trading volume on the stock was about 158.80 million shares. This represents 68.67% of the trading volume in the market, which amounted to 231.25 million shares.

Local stocks attracted liquidity momentum during yesterday’s trading session, which exceeded 1.61 billion dirhams, with a trading volume of 373.54 million shares, through the implementation of 13.8 thousand transactions.

Dubai Financial Market

The Dubai Financial Market Index closed yesterday, 1.13% lower at 3121.8 points, with a total value of 545.129 million dirhams, while yesterday’s session saw an increase in the shares of eight companies out of the 31 companies whose shares were traded, while the shares of 20 companies fell, and the shares of three remained Comp on stability.

Abu Dhabi Securities

In Abu Dhabi, the Abu Dhabi Securities Exchange Index fell 0.3%, to 9,210 points, with transactions totaling 1.1 billion dirhams.

Of the 48 companies whose shares were traded, the shares of 10 companies rose, the shares of 32 companies fell and the shares of six companies remained stable.

TECOM trade

And yesterday, Tuesday, July 5, 2022, the trading of the shares of “TECOM Group” began under the trading symbol “TECOM”, after the completion of its initial public offering, and its successful listing on the Dubai Financial Market.

mark opening

To celebrate the completion of its official listing, the Chairman of the Board of TECOM Group, Malik Al Malik, rang the market opening bell, in the presence of Amit Kaushal, CEO of Dubai Holding, and Abdullah Belhoul, CEO of TECOM Group , and CEO of Souq Dubai Financial and Nasdaq Dubai, Hamed Ali.

important achievement

The Chairman of the Board of Directors of “TECOM Group”, Malik Al Malik, said that the inclusion of “TECOM Group” in 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.

He explained that the transformation of the group into a publicly listed company would allow investors to take advantage of its leading position, as a prominent shareholder in the major business parks in Dubai, and its unique capabilities that qualify it to benefit from the promising opportunities offered by the emirate and the strong foundations of its overall economy.

Market Development In turn, 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 leadership’s vision in the reflecting development. the emirate’s financial markets and the improvement of its position as an important global center for the capital markets.

He said: “The success of listing (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 solid confidence in the market among the various participating parties. ”

business model

In the same context, 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 public company operating on the Dubai Financial Market is listed. ” He added: “The exceptional 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 foundations 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. ”

Diversification of opportunities

In turn, Hamed Ali of Dubai Financial Market and Nasdaq Dubai CEO: “The listing of (TECOM Group), which has a proven track record of success in the development and management of specialized business parks in Dubai, will promoting the DFM strategy aimed at diversifying investment opportunities for the local investor base and international growth, as well as improving 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. ”

Initial proposal

And «Tecom Group» managed to raise about 1.7 billion dirhams through its initial public offering, while the final price of the global offering shares was set at 2.67 dirhams per share.

The offer included the provision of 625 million 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 in the Dubai Financial Market. 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. DHL will remain the majority shareholder in TECOM Group with a stake of 86.5% (or 87.5% combined with DHL Free Zone).

price limits

It is noteworthy that 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.

Dubai Financial’s market capital exceeds 535 billion dirhams

The market capital of the Dubai Financial Market exceeded the barrier of 535 billion dirhams after the listing of the shares of “TECOM Group”, yesterday, in the wake of the great success of the global offer, which a strong demand with the registration of the subscription of individuals in the country covering 40 times, which is the highest coverage ratio in the history of public offerings in the Dubai Financial Market.

According to the monitoring of the Emirates News Agency, the market value of the shares listed on the Dubai Financial Market at the end of the day before yesterday’s session reached 521.9 billion dirhams, while the market value of “TECOM” with the listing approx. amounted to. 13.4 billion dirhams, bringing the market capitalization to 535.3 billion dirhams. Trading was active on “TECOM” shares during the first minutes of trading on the Dubai Financial Market, attracting more than 90 million dirhams after 33.5 million shares were traded.

Abu Dhabi – WAM

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