Dubai’s Tecom Group, a member of the Dubai Holding group, will open tomorrow an initial public offering (IPO), listing part of its ordinary shares for trading on the Dubai Financial Market (DFM).
Tecom Group, the owner, manager and operator of 10 business districts across Dubai, will float 625,000,000 ordinary shares, representing 12.5 percent of group’s issued share capital.
The qualified institutional offering and the exempt offer subscription period is expected to run from 16th until June 24th June, 2022, while the retail offer subscription period will run from 16th-23rd June. Anticipated date for admission of shares on the DFM is 5th July.
Tecom Group intends to adopt a semi-annual dividend distribution policy to pay dividends in cash after the offering in October and April of each year, subject to requisite approvals. The company expects to pay a dividend amount of AED800 million per annum over the next three years (up until October 2025).
News Source: Emirates News Source
