Spinneys Holding plc today announced its goal to proceed with an initial public offering (IPO) and list its shares on the DFM.
In its press release, the company said that 900,000,000 shares will be made available under the offering with a nominal price of AED 0. 01 each, representing 25% of the company’s total issued percentage capital.
All shares submitted are existing shares held through Al Seer Group LLC as a promoter shareholder which reserves the right to replace the duration of the offering at any time prior to the end of the subscription period, in its sole discretion, subject to applicable and approval. of the United Arab Emirates Securities and Commodities Authority (SCA).
The Offering will be aimed at UAE retail investors and other investors under the UAE Retail Offering or the first tranche, as well as professional investors outside the United States, in addition to the United Arab Emirates, under the Qualified Investor Offering or the second tranche.
The subscription era will open on Tuesday, April 23, 2024, and end on Monday, April 29, 2024 for retail investors in the United Arab Emirates and Tuesday, April 30, 2024 for investors.
The percentages are expected to be admitted to trading on DFM in May 2024. The percentage capital of the Company, as of the date of the Board of Directors (the “Listing”), has been set at AED 36,000,000 divided into 3,600,000,000 paid-up percentages. the nominal price of the percentage being AED 0. 01.
Following the final touch of the Offer, and beginning in fiscal 2024, the Company intends to pay dividends on a semi-annual basis in April and October of the year, with the first payment scheduled for October 2024, in respect of the first part of 2024. .
For fiscal year 2024 and the coming years, the Company will aim to achieve a dividend payout rate of 70% of annual distributable earnings, net of taxes.
Ali Saeed Juma Al Bwardy, Founder and Chairman of Spinneys, commented: “Having started our story in Dubai in the early 1960s, we are proud to take another vital step in our journey. Spinneys is a long-standing logo with a strong heritage. in the United Arab Emirates and a commitment to quality, which has evolved over the decades to become one of the country’s leading premium new stores for new products.
Our initial public offering represents an opportunity for investors to participate in our next level of expansion and we are excited to embark on a new chapter, bringing our new opportunity to a broader shareholder base.