Massar Solutions announces commencement of IPO subscription period from 11th January 2015

January 10, 2015 12:25 pm


The Shareholders Committee of Massar Solutions PJSC (“Massar” or the “Company”), a market leader in fleet solutions, vehicle rental and supply chain solutions in the United Arab Emirates (“UAE”), is pleased to confirm that, further to announcing the Company’s intention to float, eligible investors will be able to subscribe for shares with effect from Sunday 11th January 2015. The subscription period will last for 2 weeks and will close on Sunday 25th January 2015.

Massar also announces that copies of the Offering Memorandum and Subscription Forms in relation to the offer for sale of 240 million ordinary shares of the Company are now available at all UAE branches of the Receiving Banks, namely: National Bank of Abu Dhabi P.J.S.C, Abu Dhabi Islamic Bank P.J.S.C, Dubai Islamic Bank P.J.S.C, First Gulf Bank P.J.S.C and Union National Bank P.J.S.C

Eligible investors can also download the Offering Memorandum, historical financial statements, Articles of Assocaition and Subscription Forms (in English and Arabic) by visiting the Company’s IPO Centre on its website www.massarsolutions.ae/ipocentre

Key offer highlights:
The Selling Shareholders are offering 240 million ordinary shares (the “Offer Shares”) in the share capital of the Company, representing 40% of the Company’s total share capital. The offer price is AED 2.40 (“Offer Price”) per Offer Share. Abu Dhabi Investment Company (Invest AD) and Abu Dhabi National Energy Company P.J.S.C (TAQA) (together the “Selling Shareholders”) own 51% and 49% of the Shares respectively and are selling 120 million Offer Shares each.

The Offer Shares will be allocated through two tranches:
• The first tranche is open to individuals (natural persons) who are UAE nationals with a minimum subscription of 5,000 Offer Shares. The first tranche comprises a total of 48 million Offer Shares representing 20% of the Offer.
• The second tranche is open to individuals (natural persons) who are UAE nationals, sole proprietorships and companies owned 100% by UAE nationals, public bodies and authorities of the federal government of the UAE or any one of the Emirates, including the EIA pursuant to the UAE Council of Ministers’ Resolution No. 8 of 2006, with a minimum subscription of 1,001,000 Offer Shares. The second tranche comprises a total of 192 million Offer Shares representing 80% of the Offer.

Applicants who wish to apply for Offer Shares need to ensure that they have an up-to-date National Investor Number registered through Abu Dhabi Securities Exchange (“ADX”).

Subscription for shares will open on 11 January 2015 and will close on 25 January 2015. Following the Offer and the completion of the sale process, Massar will apply to list its Shares on the ADX.

The offer proceeds will be paid to the Selling Shareholders, as is standard for a share sell-down.

Macquarie Capital Middle East LLC and National Bank of Abu Dhabi P.J.S.C have been appointed as Joint Financial Advisers. National Bank of Abu Dhabi P.J.S.C is acting as Sole Lead Manager and Lead Receiving Bank. Abu Dhabi Islamic Bank P.J.S.C, Dubai Islamic Bank P.J.S.C, First Gulf Bank P.J.S.C and Union National Bank P.J.S.C are acting as Receiving Banks in connection with the Offer. Allen & Overy LLP is acting as Legal Adviser to the Company and the Shareholders Committee and Latham & Watkins LLP is acting as Legal Adviser to the Joint Financial Advisers and Lead Receiving Bank.

Enquiries:
Public Relations Manager
Bell Pottinger
Archie Berens 055 559 7407
Layla Haroon 055 636 0425
Rima Ali 055 559 7414

By



AMEinfo EXPERTS