Union Coop Lists its shares on DFM
Union Coop, an Emiratis supermarket chain announced its intention to list its shares on Dubai Financial Market (DFM) on July 18th, making it the first corporative to make a breakthrough in the UAE. The listing is the Securities Trading Commission’s strategy to expand the size of the Emirate stock market competitiveness and Initial Public offering (IPO). The union coop also announced that it will suspend trading of stocks via the portal on July 1st and resume DFM by July 18th.
Union said it will carry out a stock split according to the 10:1 equation and that each member of the union coop would receive 10 shares of each share it currently owns.
The listing is part of the securities and Exchange High Commission’s strategy to expand the market in the Emirates to 3 trillion AED ($816.6 billion).
Khalid al- Falasi, CEO of the Union Coop, said this step represents a key milestone in the Coop’s development journey, as it provides its members with an efficient, regulated, and transparent marketplace for the trading of their shares.
“It also enables us, as a listed Union Coop, to leverage the numerous benefits of capital markets to implement our growth strategy and provide our members with the DFM innovative services, such as the seamless cash dividend distribution.”
CEO of DFM and Nasdaq Dubai Hameed Ali said the imminent listing underlines the joint efforts between the DFM and various economic sectors in Dubai to accelerate the implementation of the emirate’s strategy to develop its financial markets.
Tecom Group commences trading on DFM
An overall of 625,000,000 shares, equal to 12.5 in line with cent of Tecom Group’s issued percentage capital, have been issued. Tecom Group has correctly indexed at the Dubai Financial Market (DFM), starting its first day of buying and selling on July 5th below the price tag symbol ‘Tecom’.
The group raised approximately 1.7 billion dirhams through an initial public offering (IPO). The final offer price of the Global Offering was $ 2.67 per share, and we listed 625 million shares (625,000,000 shares) of common stock, which is 12.5% of the outstanding share capital.
Global offerings meet great demand, with overall oversubscription of just over 21x, and UAE retail offerings overall are a significant multiple of nearly 40x oversubscription, surpassing DFM’s previous IPOs.
Malek Al Malek, Chairman of the Tecom Group, rang the market opening bell at the official listing ceremony in the presence of Dubai Holding Group CEO Amit Kaushal, Tecom Group CEO Abdulla Belhoul, and CEO Hameed Ali of DFM and other officials of Nasdaq Dubai.
“The Tecom Group’s listing on DFM is a milestone for Dubai and a historic moment for the company. As a public company, the Tecom Group provides investors with key players in Dubai’s business hub and Dubai’s market opportunities. We offer the opportunity to benefit from companies that are well suited to leverage the fascinating underlying macroeconomic, “said Malek Al Malek, Chairman of the Tecom Group.
Nasdaq Dubai welcomes $3 billion worth of US government bonds
Nasdaq Dubai welcomed the listing of two tranches of US dollar-denominated government bonds issued by the federal government of the United Arab Emirates through the Ministry of Finance.
The two bond issuances included a $ 1.75 billion 10-year tranche with a 4.050% coupon and a $ 1.25 billion 30-year Formosa tranche with a 4.951% coupon.
With total transactions reaching $ 15 billion (10 times the initial benchmark target of $ 1.5 billion), issuance meets strong investor demand, and the ministry has doubled the US dollar by increasing the size of issuance to $ 3 billion.
The re-listing brings the total value of UAE US $ denominated bonds listed on NASDAQ Dubai to the US $ 7 billion.
The new listing by the United Arab Emirates government, represented by the Ministry of Finance, includes a $ 1.75 billion 10-year tranche with a 4.050 percent coupon and a $ 1.25 billion 30-year Formosa tranche with a 4.95 percent coupon, was included.
The issue meets strong investor demand, with a total transaction value of $ 15 billion, ten times the initial benchmark target of $ 1.5 billion, and UAE doubles the size of the issue to $ 3 billion. I was able to do. Target: $ 1.5 billion.
Nasdaq Dubai welcomes ICBC
Nasdaq Dubai today welcomed the listing of a ground-breaking five-tranche carbon neutral bond totaling $ 2.68 billion by the Industrial and Commercial Bank of China (ICBC), the world’s largest bank of assets. These five tranche notes were issued by the ICBC offices in DIFC, Hong Kong, London, and Singapore.
The new issuance brings the total value of ICBC bonds listed on NASDAQ Dubai to the US $ 4,375 million.
The ICBC Dubai Branch (DIFC) was responsible for the CNH-denominated tranche for multi-currency issues, raising the price of the CNH-2B notebook for two years to 3.20%. This bond is the first carbon-neutral bond issued in the GCC region and the largest CNH-denominated bond issued within the ICBC Group. The note was well received by investors, the final price was raised by 55 basis points compared to the original guidance, and the purchase order was over 14 billion yuan when the final guidance was announced.
Other tranches include three-year € 300 million bonds 1.625%, two-year HK $ 2 billion bonds 2.95%, three-year US $ 1.2 billion bonds 2.95%, and $ 600 million three-year floating rate bonds were included.
To celebrate the listing, Dubai Consul General of the People’s Republic of China, Lee Xuhang, is General Manager of the ICBC Dubai Branch (DIFC), Chang Junguo, Nasdaq Dubai, and Dubai Financial Market (DFM)
With the new issuance, ICBC’s bonds listed on Nasdaq Dubai total the US $ 4,375 million, making ICBC the largest Chinese issuer on the exchange. The issuance, which was listed on Nasdaq Dubai on June 2, 2022, strengthened Dubai’s leading position as a dynamic global capital markets hub, bringing the total amount of bonds listed on the exchange to US $ 111.5 billion.
