Wednesday, March 30, 2022 – 4:08 PM
– Increasing the size of the offering to 8,500,000,000 ordinary shares, constituting the shares sold representing 17% of the total ordinary shares of Dubai Electricity and Water Authority.
The new strategic investors will have regarding 7% of the company’s common shares (representing regarding 3,500,000,000 shares) and will be subject to a ban on selling between 180 and 365 days.
The offering percentage of the company’s total capital, including the percentage subscribed by the main investors as previously announced, increases from 6.5% to 10%.
DUBAI, 30th March / WAM / The Dubai Electricity and Water Authority (DEWA) announced today, following obtaining the approval of the Securities and Commodities Authority, the increase in the number of shares available for subscription in its initial public offering from 3,250,000,000 ordinary shares to 8,500,000,000 ordinary shares, which means that the percentage of shares that will be available for trading After listing, it will represent 17% of the total issued shares in the Authority’s capital, with the Dubai government retaining ownership of 83% of its capital.
Dubai Electricity and Water Authority has obtained the approval of the Securities and Commodities Authority to increase the number of shares available to the qualified investors (including new strategic investors) from 5.9% (up to 2,925,000,000 shares) to up to 16.4% of the company’s capital (up to 16.4%). to 8,175,000,000 shares/.
With the exception of the new strategic investors who will be subject to a ban on selling their shares ranging between 180 and 365 days, the offering percentage of the company’s total capital / including the percentage subscribed by the main investors as previously announced / rises from 6.5% to 10% .. and there will be no change in The number of shares available for the first and third tranches, allotted to individual subscribers and qualified employees of the Authority.
The increase in the size of the offering was determined by the Government of Dubai as the selling shareholder following the Dubai Electricity and Water Authority’s decision to set the price range of the offering shares between 2.25 and 2.48 dirhams per share on March 24, which will provide investors with excellent value that reflects the Dubai Government’s firm confidence in the authority’s ability to achieve growth sustainable in the long term.. The decision also confirms Dubai Electricity and Water Authority’s keenness to support the stock’s trading in the market following listing as a priority for it.
The subscription period for the Authority’s initial public offering continues until next April 2 for individual subscription in the UAE, and until April 5 for qualified local and international investors.
It is expected that the listing of the Dubai Electricity and Water Authority (DEWA) shares and their trading on the Dubai Financial Market will be completed on April 12, 2022.
Wam/ Salma Al Shamsi/ Mustafa Badr Al Din
