The Board of Directors of Dar Al-Arkan Real Estate Development Company announced the company’s intention to include its international company, which is headquartered in Dubai (Dar Al-Arkan Real Estate Development), after its renaming of the “Dar Global” group, in the primary listing sector in the official list of the Financial Conduct Authority in the United Kingdom (“FCA”). ») and the principal market of the London Listed Stock Exchange (“LSE”).
The proposed listing will involve a restructuring of Dar Global and is subject to the approvals of the Financial Conduct Authority (FCA) and the London Stock Exchange after the disclosure of the FCA-approved prospectus in relation to Dar Global, UAE newspaper Al Khaleej reported.
Prior to the listing, Dar Al Arkan Real Estate Development will offer a minority stake of approximately 12% of its stake in Dar Global via an initial issuance of new ordinary shares by the new British company to be listed in the UK/Dar Global to qualified investors through a private placement, with Dar Al-Arkan retains the remaining controlling stake of 88%.
After the listing, Dar Global will be the British holding company for the group's international activities in the field of real estate development and marketing offices in the United Kingdom, Spain, the Emirates, the Sultanate of Oman, Qatar, Bosnia and China, after completing the private placement and receiving the required regulatory approvals from the United Kingdom, the listing is expected to take place in the quarter The first of 2023.
