UAE: Abu Dhabi's MAIR Group to list in ADX next month

The company, which operates over 100 stores under the ADCOOP and SPAR brands, said the listing would take place on December 9

By Reuters

Published: Thu 28 Nov 2024, 5:17 PM

Last updated: Thu 28 Nov 2024, 5:22 PM

Abu Dhabi-based MAIR Group, an investment firm active in sectors including food retail and commercial real estate, said on Thursday it would list on the local bourse next month.

The company, which operates over 100 stores in the UAE under the ADCOOP and SPAR brands, said in a statement the listing on the Abu Dhabi securities exchange (ADX) would take place on December 9.

It did not disclose the amount of stock shareholders and employees plan to sell through the so-called direct listing, which takes place when a company offers shares to the public without going through a bank-backed initial public offering.

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The Gulf has been experiencing a retail boom in recent years amid ambitious reform plans by governments in the oil-rich region, which are investing in numerous sectors to diversify their economies away from fossil fuels.

They have also been deepening capital markets and several retail companies have listed this year, including hypermarket chains operator Lulu Retail Holdings, which floated in Abu Dhabi this month after raising $1.72 billion, and UAE-based Spinneys.

As MAIR prepares to list "we are ready to amplify our impact, strengthen our foundations, and invite stakeholders to join our journey," Managing Director and CEO Nehayan Al Ameri said.

MAIR, which also manages more than 12 shopping centres through its commercial real estate division, booked revenues of 1.2 billion dirhams ($326.7 million) in the first half of 2024.

Last year, it distributed 135 million dirhams in dividends, equal to 12.11% of the share capital, to its over 12,000 shareholders.

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