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Marka IPO receives final approval from UAE regulator

Dubai: Marka, a public joint stock company under incorporation with a capital of Dh500 million, announced that the UAE Securities and Commodities Authority has granted the final approval for offering 55 per cent of its shares for public subscription.

Jamal Al Hai, chairman of the Founders Committee of Marka, informed that investors can subscribe to Marka shares from April 13, 2014, for 12 days. The subscription will be closed on April 24, 2014.

“Marka’s Founders Committee will work in close cooperation with CAPM Investment, the financial advisor and lead manager of the Marka IPO; and the receiving banks to provide subscribers with applications and information required by them,” he added.

Dr. Mahdi Mattar, chief executive of CAPM Investment, a subsidiary of Financial House, said: “55 per cent of the Company’s shares, equivalent to Dh275 million, will be offered to the public in an IPO at the price of Dh1 per share plus a subscription fee of 3 fils per share.”

Mattar explained that the IPO will be open to investors of all nationalities, provided 51 per cent of equity is held by GCC nationals or GCC legal entities.

The Emirates Investment Authority (EIA) is also entitled to subscribe to 5 per cent of the company’ offered shares.

Marka will focus on the retail and F&B sectors in the UAE and the broader GCC region. Both sectors are witnessing increased activity due to growing demand from both residents as well as the increasing number of tourists visiting the country.

Eight banks and financial institutions will receive the contributions of the investors willing to subscribe to the company’s shares, including National Bank of Abu Dhabi, Union National Bank, Abu Dhabi Commercial Bank, Dubai Islamic Bank, National Bank of Fujairah, Commercial Bank International, Finance House, Islamic Finance House.