Emirates Integrated Telecommunications Company (du) has successfully completed a secondary public offering that raised AED 3.15 billion for selling shareholder Mamoura Diversified Global Holding, a subsidiary of Mubadala Investment Company.
The offering, launched on 8 September, saw 342,084,084 shares sold at AED 9.20 per share, representing 7.55 percent of du’s share capital and 75 percent of Mamoura’s stake. The deal increases du’s free float to 27.7 percent, a move expected to boost liquidity and attract a broader investor base.
The transaction was structured in two tranches: a UAE retail offer covering 5 percent of the shares, and a global offering making up the remaining 95 percent to qualified institutional investors in the UAE and abroad. Each retail subscriber is guaranteed a minimum of 500 shares, with refunds for excess funds to be issued by 16 September.
Settlement for institutional investors will take place through the Dubai Financial Market’s direct deals system on 16 September, with final settlement on 18 September. All shares will be tradeable on the DFM from the market’s opening on 16 September.
Fahad Al Hassawi, du CEO, said the strong demand highlights investor confidence in the company’s strategy and growth prospects. He added that increased liquidity could pave the way for du’s potential inclusion in international indices such as MSCI, further strengthening its market position.
Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, and Goldman Sachs International acted as joint global coordinators and bookrunners for the offering.
News Source: Emirates News Agency
