The group said in a statement that 750 million shares will be made available for public subscription, with a nominal value of 0.01 UAE dirhams (1 fils) each for the global offering, representing 10 percent of the total outstanding shares of the group, amounting to 7.5 billion shares.
Al Ansari Holding reserves the right to amend the size of the global offering at any time before the end of the period for determining the global offering price, taking into account the laws in force in the UAE and after obtaining the approval of the Emirates Securities and Commodities Authority.
According to the statement, after the completion of the global offering, the company intends to adopt a semi-annual dividend policy, so that these dividends will be paid twice during each fiscal year, in the months of April and October of each year.
The group aims to distribute profits of 600 million dirhams ($163 million) as a minimum for the revenues of the year 2023, provided that the first half distributions will be presented in October 2023 and the second half distributions in April 2024.
It added in a statement that the subscription period for the initial public offering will be between March 16 and 24, and the shares are expected to be listed on the stock exchange by April 6.
The statement stated that Abu Dhabi Commercial Bank, Emirates Financial Group Hermes and Emirates NBD Capital were appointed as joint coordinators for the initial public offering.
It is noteworthy that the group achieved net profits last year amounting to 595 million dirhams (162 million dollars), with an annual growth rate of 21 percent, and recorded operating income of 1.15 billion dirhams (310 million dollars) for the same period.
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