Spinneys UAE has announced its intention to conduct an initial public offering and list its ordinary shares for trading on the Dubai Financial Market.
The company will offer 900 million shares at a nominal value of AED 0.01 per share, representing 25% of the total issued shares in the company’s capital.
The company said that all shares to be offered are current shares owned by Al Seer Group, the sole shareholder in the company, which is authorized to amend the size of the offering at any time before the end of the subscription period at its absolute discretion, and in accordance with the laws in force in the UAE.
The subscription period will start on Tuesday, April 23, 2024, and is expected to end on Monday, April 29, 2024 for individual investors in the UAE; and on Tuesday, April 30, 2024 for professional investors.
