According to the Spinneys company’s statement, 900,000,000 shares, each valued at Dh0.01, would be made available in the offering. This amounts to 25% of the company’s entire issued capital in shares.
All of the shares that will be offered are already-existing shares that Al Seer Group LLC, the selling shareholder, owns. This company has the right, subject to applicable laws and the approval of the Securities and Commodities Authority (SCA) in the United Arab Emirates, to change the offering’s size at any time before the subscription period ends.
The offering will be made accessible to professional investors outside of the United States, including the UAE, as part of the qualified investor offering (second tranche), as well as to other investors and retail investors in the United Arab Emirates as part of the first tranche of the UAE retail offering.
The subscription period for retail investors in the UAE will commence on Tuesday, April 23, and end on Monday, April 29. For professional investors, it will expire on Tuesday, April 30.
Shares are anticipated to be admitted to trading on DFM in May 2024. As of the listing date, the company’s share capital was Dh36,000,000, split into 3,600,000,000 fully paid shares, with a nominal value of Dh0.01 per share.
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