"one thousand" Education Holding announces its intention to list its shares in "Abu Dhabi Market"
ABU DHABI, May 20 / WAM / Alef Education Holding PLC announced today its intention to conduct an initial public offering and list its ordinary shares on the main market of the Abu Dhabi Securities Exchange.
The majority of Alef Education’s shares are owned indirectly by Abu Dhabi Capital Group, which is one of the largest private institutional investment groups in the Middle East and North Africa region, and includes a broad investment portfolio covering many asset classes, sectors and geographic regions.
The company said, in a statement today, that 1.4 billion shares will be offered for public subscription, which represents 20 percent of the total shares issued in the company’s capital, and all the shares that will be offered will be current shares owned by Teknova Investment Company – the one-person company and the company. Kryptonite investment.
The subscription period for the first tranche “individual investors and other investors, including natural persons, companies and institutions” is expected to begin on May 28 and continue until June 4, 2024, while the subscription period for the second tranche “professional investors” is expected to begin on May 28. This May and will continue until June 5, 2024.
The Internal Sharia Supervision Committee of First Abu Dhabi Bank issued a Sharia fatwa confirming that the offering, from the committee’s point of view, is compatible with the principles and provisions of Islamic Sharia. Investors must take the necessary due diligence measures to ensure that the offering is compatible with the principles of Islamic Sharia in order to achieve their own goals.
The selling shareholders reserve the right to amend the size of the offering at any time before the end of the subscription period at their own discretion, in accordance with applicable laws, and after obtaining the approval of the Securities and Commodities Authority in the UAE. It is expected that the shares will be accepted for trading on the Abu Dhabi Securities Market on the 12th. June 2024 or within a period close to this date, depending on market conditions and after obtaining the relevant regulatory approvals in the UAE, including the approval of the Securities and Commodities Authority to accept the shares for trading.
His Excellency Abdul Hamid Mohammed Saeed Al-Ahmadi, Chairman of the Board of Directors of Alef Education Company, said that Alef Education has played a pivotal role in developing the education sector in the country since its establishment and creating tangible positive impacts on students and the communities in which it operates.
He added that this offering represents a milestone added to the company’s record of growth and success, supported by the high value it provides and the strong trust that has been built with governments, clients and global partners, including the Department of Education and Knowledge in Abu Dhabi, pointing to Alef Education’s ability and readiness to become a public joint stock company. Based on its strong governance framework, experienced management team and clear growth strategy.
For his part, Jeffrey Alfonso, CEO of Alef Education, said that this initial public offering constitutes a milestone and a natural development in the company’s journey towards enhancing its capabilities and consolidating its global presence in the field of educational technology.
He added that the company’s growth journey enjoys strong and continuous support thanks to the UAE government’s focus on providing high-quality education opportunities to a wide base of students, and increasing levels of financial spending in the education sector to exceed 15 percent of the country’s federal budget during 2023. This also applies to the education sector in The Arabian Gulf region and beyond, as the rate of spending on education in the Middle East and North Africa region reached 4 percent of the gross domestic product during the year 2022.
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