DI plans to to proceed with 55% IPO

04/11/2014 07:32 AST

DUBAI-based Daman Investments (DI), one of the UAE's leading investment management companies, plans to proceed with an initial public offering by floating 55% of their equity contingent on obtaining all necessary regulatory approvals.

The decision to float fulfills Daman's previous announcement to go public made in 2009 and the company plans to list its shares on the Dubai Financial Market (DFM) during Q1 2015.

Daman Investments offers innovative investment products and services to both regional and international clients, and provides investment management and development capital investment opportunities as well as brokerage operations through its subsidiaries.

"Funds raised through the IPO will be used to scale up our existing business and invest in various opportunities in the UAE and the wider region," said Daman Investments' Chairman & Founder, Shehab Gargash.

None of the current shareholders are exiting through the offering. The new funds will increase the capital of the company equating to 55% of post share capital with existing shareholders diluting to 45%.


Saudi Gazette

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