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Abu Dhabi, United Arab Emirates – Abu Dhabi-based group marketing and communications director V Nandakumar said Lulu Group International is moving forward with its plans to list on the Abu Dhabi Stock Exchange (ADX) in 2023.
In a statement to the Emirates News Agency (WAM), Nandakumar said the group is steadily advancing its plans for an initial public offering (IPO) to list on the Abu Dhabi Exchange next year.
He said that since the beginning of the year, there has been an increase in IPOs and new listings in the financial market, stressing that the group’s listing on the UAE financial market is an important opportunity to contribute to the sustainable growth of the UAE economy.
According to UAE media reports, Lulu Group International has hired investment bank Moelis & Co to advise on its upcoming IPO.
The LuLu Group is a highly diversified conglomerate with successful business entities in strategic global locations. Founded by renowned business visionary Yusuff Ali MA, LuLu Group has become a significant contributor to the economic status of the Gulf region with an annual turnover of US$8 billion.
The Lulu Group operates approximately 239 supermarkets and hypermarkets in 23 countries and employs more than 60,000 people.
Headquartered in Abu Dhabi, Lulu Group is a world-renowned supplier of an international portfolio of businesses ranging from hypermarket operations to shopping mall development, merchandise manufacturing and trading, hospitality assets and real estate.
(input from WAM)
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