UAE: Al Ansari announces IPO, to sell 10% stake

Al Ansari Financial Services, a leading integrated financial services group in the UAE, announced on Thursday its plan to sell 750 million shares each with a nominal value of Dh0.01.

The IPO represents 10 per cent of Al Ansari Financial Services’ issued share capital. All the shares are existing shares being sold by the selling shareholder, who “reserves the right to amend the size of the global offering at any time before pricing subject to the applicable laws of the UAE,” the exchange firm said in a statement.

The company plans to list the IPO on the Dubai Financial Market.

The UAE retail offer subscription period is expected to open on March 16 and is expected to close on March 23, with the qualified investor offer subscription period expected to open on March 16 and is expected to close on March 24.

The Emirates Investment Authority shall be entitled to subscribe for up to 5.0 of the global offering, the company said.

Mohammad Ali Al Ansari, chairman of Al Ansari Finance Services, said the company’s strong track record of successful growth underpinned by the trust we have built with customers, partners and the Central Bank of the UAE, as well as the Central Bank of Kuwait, has culminated in this milestone moment.

“We believe Al Ansari Financial Services is ready to become a publicly listed company and to offer investors a unique investment opportunity with significant exposure to a region that is expected to witness robust growth in the mid-term,” said the chairman.

Rashed Ali Al Ansari, group chief executive officer of Al Ansari Financial Services, said listing shares on the DFM is a natural next step in the group’s growth journey and will allow it to further boost its credibility with r key stakeholders.

“We believe that this is the right time to present investors with an opportunity to join us on our new and exciting chapter and look forward to welcoming new shareholders to the group.”

Rashed said the group has a well-defined growth strategy that would enable it to further increase its market leadership and physical dominance at home and to grow its presence in other markets.

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