Monday, March 27, 2023 – 11:24 am
Setting the final price of the offering shares at 1.03 dirhams per share, which is the upper limit of the previously announced price range.
– 7.73 billion dirhams (2.1 billion dollars) the market value of the group when it was listed on the Dubai Financial Market on April 6, 2023.
The global offering witnessed an exceptional turnout from investors in the UAE, the GCC region and international investors.
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DUBAI, 27th March, 2020 (WAM) — The Al Ansari Financial Services Group announced today that it has set the final offering price at 1.03 dirhams per share, which is the upper limit of the previously announced price range, after completing the book-building process for its initial public offering.
The group raised, through the initial public offering, 773 million dirhams, and the global offering attracted a large demand from the segment of professional investors and the segment of individual investors in the UAE alike, as the total demand for shares exceeded 12.7 billion dirhams (including the main investor, National Bonds Corporation). With the exception of the initial investor commitment of 200 million dirhams, the level of subscription exceeded the target value of all tranches combined by about 22 times according to the final price.
Professional investors placed more than 10.2 billion dirhams in subscriptions, including a commitment by National Bonds Corporation of 200 million dirhams. With the exception of the core investor commitment, requests from qualified professional investors exceeded the subscription volume by more than 19 times, while the professional investor offering witnessed strong demand among both regional and international investors, with good participation from investors from the UAE, Saudi Arabia and the rest of the GCC countries. Which reflects the strength of the brand that the group has built over nearly sixty years in the local and regional market.
In turn, individual investors in the UAE witnessed a large demand, with a value exceeding 2.5 billion dirhams, with the number of applications submitted through receiving banks and the Dubai Financial Market electronic platform reaching approximately 15,000. In response to the high demand from individual investors, the selling shareholder, Al Ansari Holding Company, exercised its right to increase the allocation of the offering to individual investors in the UAE to 56.25 million shares, representing 7.5% of the total offering shares.
Mohammed Ali Al-Ansari, Chairman of the Board of Directors of Al-Ansari Financial Services Group, said: “The great interest on the part of Emirati, regional and international investors reveals the strength of our commercial reputation that we have built throughout our long and accomplished history. It also constitutes tangible evidence of the attractiveness of the UAE economy and the Gulf economies in general. And the confidence of the investment community in the financial markets in the emirate, and the Dubai Financial Market in particular.
Al-Ansari added: “I would personally like to welcome all of our new shareholders, including our main investor, National Bonds Corporation, and invite all shareholders to be strategic partners as we strive to achieve the growth objectives of the group’s subsidiaries and develop an effective ESG strategy while creating long-term sustainable value.” to all shareholders.
Rashid Ali Al-Ansari, CEO of Al-Ansari Financial Services Group, said: “This listing provides an important opportunity for investors to be part of a leading financial group with high growth potential driven by favorable sector and macro-economic trends in the UAE and the GCC region. In general, the group plans at the same time to reward its shareholders by paying attractive dividends as specified in our dividend distribution policy.
He added: “As a publicly listed group, we will continue to enhance our credibility and raise the level of transparency in our relationship with existing shareholders, as well as attract new partners and enter new markets with greater confidence and ease. The listing provides us with the support we need to achieve our ambitions for regional expansion, and we plan to attract and retain the best talent. We look forward to Now to start a new phase in which we will continue our long-standing legacy in cooperation with our new shareholders.
750 million shares, representing 10% of the total issued shares in the group’s capital, will be listed for trading on the Dubai Financial Market on April 6, 2023. According to the final offering price upon listing, the dividend yield will be approximately 7.8% at least, and the market value will be The group has 7.73 billion dirhams ($2.10 billion). After the completion of the initial public offering, Al Ansari Holding will continue to hold 90% of the issued share capital of the group.
It is expected that Al Ansari Financial Services Group shares will start trading under the symbol “ALANSARI” and the ISIN code “AEE01198A238”. Investors participating in the UAE Retail Investor Offering will be notified of the allocation of their shares through SMS on March 29, 2023.
It is worth noting that the “Al-Ansari Financial Services Group P.J.S.” A public shareholding company under incorporation in the Emirate of Dubai and hereinafter referred to as “Al Ansari Financial Services”, “the Group” or “the Company”, it is one of the leading groups providing integrated financial services in the country.
Dina Omar / Ramy Samih