«Al Ansari» increases the offer shares allocated to individual investors

Al Ansari Financial Services Group (Al Ansari Financial Services Group) today announced that it has exercised its right to increase the number of Offer Shares allocated to retail investors in the UAE under the Group's initial public offering from 37.5 million ordinary shares to 56.25 million ordinary shares, subject to the approval of the Securities and Commodities Authority (SCA).

In a statement, the company explained that the decision was taken in response to the high demand from individual investors and the recording of a surplus in the subscription of individual investors in the UAE.

The size of the offering on the Dubai Financial Market remains unchanged at 750 million ordinary shares, representing 10% of the total issued shares in the share capital of Al Ansari Financial Services.
As a result of the selling shareholder's decision to increase the volume of shares allocated to the retail investor segment, 693.75 million ordinary shares will be allocated to the professional investor segment instead of 712.5 million ordinary shares.

Based on the previously announced price range of AED 1 to AED 1.03 per share, the value of shares allocated to the retail investor segment will now be between AED 56.3 million and AED 57.9 million, representing 7.5% of the IPO volume.

The offer shares are not new, but are existing shares currently owned by the selling shareholder, Al Ansari Holding, which sells 10% of its ownership in the group.

Consequently, the proceeds of the offering will go to the selling shareholder without the Group receiving any proceeds from the global offering, while the selling shareholder will retain 90% ownership of the Group's shares following the global offering.

Al Ansari Financial Services Group stated that the final offering price will be determined through the book-building process after the closing of the qualified investor subscription and is expected to be announced on 27 March 2023.

The offering is currently expected to be completed and the shares are accepted on the sixth of April 2023, subject to market conditions and after obtaining relevant regulatory approvals in the UAE, including approval for listing and trading on the Dubai Financial Market.