"Spence" Announces its intention to list 25% of its shares on the Dubai Financial Market
DUBAI, 16 APRIL/WAM/ Spinneys Holding PLC announced today its intention to proceed with an initial public offering and list its ordinary shares for trading on the Dubai Financial Market.
The company explained, in a statement, that it will offer 900 million shares with a nominal value of 0.01 dirhams per share, representing 25% of the total shares issued in the company’s capital.
All shares to be offered will be existing shares owned by Al Seer Group LLC, the sole shareholder of the company authorized to amend the size of the offering at any time before the end of the subscription period at its absolute discretion, in accordance with the laws in force in the UAE and after obtaining approval. Securities and Commodities Authority in the UAE.
The offering will be made available to individual investors in the UAE and other investors as part of the offering to individual subscribers in the UAE or the first tranche; As well as for professional investors outside the United States, including the UAE, as part of the offering to professional investors or the second tranche.
The subscription period begins on Tuesday, April 23, 2024, and is expected to end on Monday, April 29, 2024 for individual investors in the UAE, and on Tuesday, April 30, 2024 for professional investors.
It is currently expected that the subscription process will be completed and shares will be accepted in May 2024, subject to market conditions and upon obtaining the relevant regulatory approvals in the UAE, including approval of subscriptions for the offering and trading of shares on the Dubai Financial Market.
The company’s capital as of the listing date was determined to be 36 million dirhams distributed over 3.6 billion fully paid cash shares, with a nominal value of 0.01 dirhams.
After completing the offering, and starting in the fiscal year 2024, the company intends to distribute semi-annual dividends to its shareholders in the months of April and October of each year, with the first payment being in October 2024, for the first half of 2024.
For fiscal year 2024 and beyond, the company seeks to maintain a gross dividend payout ratio of 70% of annual distributable profits after tax.
Ali Saeed Juma Al Bowardi, founding shareholder and Chairman of Spinneys, said: “Our journey began in Dubai in the early 1960s, and our brand has great ambition and the ability to thrive in one of the most vibrant and growing markets in the Gulf Cooperation Council countries. The initial public offering represents an opportunity “For investors to be part of the next growth phase for our company, which we are very excited to embark on and move towards new horizons with a broader shareholder base.”
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