Valid until March 23 for Retail Investors

Commencement of the subscription period for 10% of Al Ansari Financial Services shares

The Group is expected to announce the final offering price on March 27. From the source

Al Ansari Financial Services Group (a public shareholding company under incorporation in the Emirate of Dubai) announced yesterday the price range of its shares and the commencement of the subscription period for the initial public offering (IPO) on the Dubai Financial Market (DFM).

According to the group, the price range for the global public offering has been set between AED 1.00 and AED 1.03 per share, meaning that the group's market capitalization at listing will range between AED 7.50 billion ($2.04 billion) and AED 7.73 billion ($2.10 billion).

A total of 750 million shares representing 10% of the total issued shares in the Group's share capital will be offered, with total offering size ranging from AED 750 million (US$ 204 million) to AED 773 million (US$ 210 million).

All shares offered are outstanding shares, with Al Ansari Holding selling 10% of its owned stake in the group, so the group will not receive any proceeds from the global public offering.

Following the completion of the global public offering, unless the size of the global offering is increased, the "selling shareholder" will continue to own a 90% stake in the Group.

Al Ansari Holding reserves the right to amend the size of the global public offering at any time before the end of the subscription period, at its sole discretion and in accordance with the laws of the UAE, and subject to the approval of the Securities and Commodities Authority.

In accordance with the dividend policy approved by the Board of Directors, the Group aims to distribute a minimum dividend of AED 600 million in respect of 2023 dividends, which will be paid equally in two phases in October 2023 and April 2024.

According to the offering price range, the minimum dividend yield will be between 7.77 and 8.00% for 2023.

As previously announced, the IPO will be open to retail subscribers and other investors, as described in the prospectus for retail in the UAE, professional investors and other investors in a number of countries, including the UAE, as part of the subscription of qualified institutional investors.

The subscription period runs until March 23 for retail investors in the UAE and until March 24 for professional investors.

The final offering price will be determined through a book-building process and is expected to be announced on March 27.