Emaar Properties PJSC

11/22/2017 | Press release | Distributed by Public on 11/22/2017 04:32

Emaar Development PJSC Listing and commencement of trading on the DFM

Emaar Development PJSC ('Emaar Development' or the 'Company'), the UAE build-to-sell ('BTS') property development business of Emaar Properties PJSC ('Emaar Properties'), today listed its shares on the Dubai Financial Market ('DFM') following a bell ringing ceremony by Mohamed Alabbar, Chairman of Emaar Development. The Company is now trading under 'EMAARDEV'.
The shares of Emaar Development were priced at AED 6.03 per share, within the Company's initial price range, giving the Company a market capitalisation of approximately AED 24.1 billion (US$6.56 billion) at the time of listing.

Final allocations were approximately 93.8% to qualified investors (the 'Qualified Offering') and 6.2% to individual and other investors (the 'Retail Offering').

Mohamed Alabbar, Chairman of Emaar Development, said: 'Today is a transformative day for Emaar Development, and marks an important next step in our work of shaping cities of the future. Already a flagship brand and a market leader in Dubai, our successful IPO demonstrates that regional and international investors are excited by our proven business model; specifically, our backlog of AED 41 billion; our high cash flows; and our targeted dividend yield of 8.6% for the next three years, which the Company believes is higher than our competitors, and expected to increase in the future.'

'Additionally, today marks a milestone for the Dubai Financial Market, a maturing financial centre well-positioned to benefit from Dubai's position as a global investment hub. I would like to express my gratitude to the Securities and Commodities Authority and the Dubai Financial Market for their excellent support and assistance during the IPO process. We are confident that this is just the beginning of a bright future for Emaar Development and our shareholders.'

BofA Merrill Lynch, EFG Hermes UAE Limited, Emirates NBD Capital, First Abu Dhabi Bank and Goldman Sachs International are the Joint Global Coordinators for the offering. Emirates NBD and First Abu Dhabi Bank are the Lead Receiving Banks.