Marka Founders’ equity subscribed in record time | Marka Founders’ equity subscribed in record time -
Mahdi Mattar.

Marka Founders’ equity subscribed in record time

: Tuesday, April 01 - 2014 @ 12:29

CAPM Investment, the financial advisor and lead manager of the proposed IPO of Marka, a public joint stock company under incorporation, has announced the conclusion of the subscription of Marka’s Founders’ equity within days of the commencement of the process.

Mahdi Mattar, CEO of CAPM Investment, a subsidiary of Finance House, said: “The Founders of Marka have subscribed to 225 million shares (each worth AED 1), equivalent to 45% of the Company’s capital. The full amount of subscription was received in a record time, which demonstrates the confidence that the Founders have in Marka’s potential and growth prospects. The Company is expected to swiftly establish itself among the leading players in the retail and F&B sectors in the UAE and across the region.”

Mattar further explained: “Marka’s 150+ founders include an elite group of VIPs, businessmen and prominent investors. The conclusion of their equity participation now paves the way for obtaining final regulatory approvals for issuing the remaining shares through an IPO.”

Jamal Al Hai, Chairman of the Founders Committee of Marka, said: “In the coming days, we will work on obtaining final regulatory approvals for issuing 275 million shares (representing 55% of the company’s capital) in an IPO at a price of AED1 per share.”

Al Hai maintained that he expects the IPO to receive the same overwhelming response from the public as the Company enjoyed during the Founders’ equity subscription, particularly because Marka will be active in retail and F&B, two sectors that enjoy significant growth prospects. He indicated that the IPO will be launched shortly after securing the final approval from the Securities and Commodities Authority.

“The Founders Committee has worked intensively during the past few weeks to complete the necessary procedures and prepare the groundwork necessary for launching the IPO, which will be open to all ages and nationalities,” Al Hai added.

Marka will focus on the introduction of new concepts in the retail and F&B sectors in UAE and the broader GCC region. Both these sectors are witnessing increasing activity due to growing demand from both residents as well as the increasing number of tourists visiting the country.

The Company is set to list its shares on the Dubai Financial Market, making it the first such listing in several years.

Company:

Gia Carla Roque
Account Manager
New Perspective Media
310 Al Dana Building,
Rigga Street, Dubai, U.A.E.
Tel: (+971) 4 236 7033
Fax: (+971) 2 236 7055

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Tuesday, April 1- 2014 @ 12:29 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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