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Al Ansari Financial services, the UAE’s leading and pioneering exchange, has decided to list on the Dubai Financial Market (DFM) following an IPO of 750 million shares representing 10% of its issued share capital.
The subscription period for qualified investors is expected to be from March 16, 2023 to March 24, 2023. The UAE Retail Offer subscription period is expected to run from March 16, 2023 to March 23, 2023.
Expected to be available on DFM around April 6, 2023.
After the global offering, the company plans to adopt a semi-annual dividend distribution policy and distribute dividends twice in each financial year after the global offering, in April and October each year.
The company aims to pay dividends of at least AED600 million ($163.35 million) on earnings in 2023, with the first half due in October 2023 and the second half in April 2024.
dividend
Expected future minimum dividend payout ratio of at least 70% of net profit generated (paid semi-annually).
The joint venture between Abu Dhabi Commercial Bank (ADCB), EFG-Hermes UAE Limited (EFG Ltd) and EFG Hermes UAE (EFG LLC and EFG Ltd, “EFG-Hermes”) and Emirates NBD Capital PSC (ENBD Capital) has been appointed as the joint Global Coordinator. Emirates NBD Bank has been appointed as the lead receiving bank.
essential role
Mohammad Ali Al Ansari, Chairman of Al Ansari Finance Services, said: “Since the establishment of our first company, Al Ansari Exchange, in 1966, Al Ansari Financial Services has played a vital role in the movement of funds within and outside the UAE. We Proud to be an essential part of the lives of residents and visitors alike, we are equally proud to be a trusted partner to local businesses and international institutions, supporting their cross-border remittance, currency exchange and end-to-end cash management requirements.
“Today, we are one of the leading integrated financial services groups in the UAE, offering a full range of services. In addition, our customer-first and solutions-oriented mindset has enabled us to successfully scale our business and deliver high-quality products that exceed our customers’ expectations.
“Our proven track record of successful growth culminates at this milestone, supported by the trust we have built with our clients, partners and the CBUAE and Central Bank of Kuwait. We believe that Al Ansari Financial Services is ready to become a public company , and offers investors a unique investment opportunity with significant investment in a region that is poised for strong growth in the medium term.”
leading position
Rashed Ali Al Ansari, Group Chief Executive Officer, Al Ansari Financial Services, said: “Al Ansari Financial Services’ dominant and growing brick-and-mortar presence in the UAE, as well as its leading positions in the personal remittance and retail foreign exchange markets, set us apart from other Company Exchange Homes.The wide range of clients we serve through face-to-face or digital channels gives us an advantage over other players in the market offering similar services.
“Our success today is the result of our reliable, scalable and digitalized operations and our team of experts. In addition, we have extensive global exchange network.
“As a market leader with an agile and capex-light business model, which enables us to deliver strong growth with limited investment capital requirements and a very healthy cash position, we believe we can capitalize on favorable markets in the UAE and across the GCC Trends. Drivers of these organic growth include rising tourist numbers, continued population growth and a large expatriate community. In addition, we are well positioned to take advantage of the strong macroeconomic backdrop in the UAE and other GCC economies, which are expected to Expand at a healthy pace in the medium term.
growth strategy
“We have a clear growth strategy and we hope to further increase our domestic market leadership and de facto dominance and expand our presence in other markets. We also plan to continue investing in our digital capabilities and customer touchpoints , to ensure that we provide quality service to our loyal and growing customer base.
“Listing on DFM is a natural next step in our growth and will allow us to further enhance our credibility with key stakeholders. We believe now is the time to offer investors an opportunity to join our exciting new chapter and look forward to welcoming new shareholders to the Group.” — trade arab news agency
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