TECOM informs creditors of the right to object to the conversion to a public joint stock company
Putting the company on the market by selling part of the share of the existing shareholders
Dubai’s TECOM Group, operator of a business park that houses offices for more than 6,000 companies, has approved a plan to go public ahead of an upcoming initial public offering.
The TECOM Group has begun to take the first steps of offering its shares on the Dubai Financial Market, which will be the second offering of the Dubai government to the financial market, as part of the revitalization of the stock exchange following the launch of the Dubai Electricity and Water Authority (DEWA), last month.
On March 2, the company’s shareholders agreed to convert TECOM from a limited liability company to a public joint stock company in preparation for its public offering and the sale of its shares to the public.
The company’s letter addressed to the creditors showed that they had the right to object to converting the company into a joint stock company within 30 days since the date of the notification.
The company hosts 10 large commercial complexes such as Dubai Internet City, Dubai Media City, Dubai Design District and Dubai Industrial City.
announced His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of FinanceThe Supreme Committee for the Development of Capital Markets and Exchanges in Dubai approved directions aimed at doubling the financial market to 3 trillion dirhams, or 810 million dollars, and the inclusion of 10 government and semi-governmental companies within the emirate’s plan to develop the financial stock exchange.
TECOM has appointed Emirates NBD, First Abu Dhabi Bank, Goldman Sachs, Morgan Stanley and UBS Group as advisors for the upcoming offering.
