Published: January 12, 2015
Real-estate developer closes exchange offer to London DR holders and launches on local market.
Damac Properties, a UAE-based real-estate company, has listed on the Dubai Financial Market.
Last September the company launched a second offer to holders of its London-listed depositary receipts to convert these to Dubai-listed shares. The offer closed today (January 12) with holders of 96.8% of the depositary receipts accepting. The shares finished their first day of trading up 1.79% at AED2.84.
As Damac Real Estate Development, the property player listed on the London Stock Exchange in December 2013, raising US$379.1mn. That deal was the largest initial public offering from the Middle East since DP World, a marine-terminal operator, listed in London in 2006.
Damac develops luxury properties in locations including Dubai, Lebanon, Jordan, Iraq, Qatar and Saudi Arabia. The company’s latest financial results, for the six months to July 2014, showed a profit of AED1.7bn (US$462mn), up from AED1.2bn for the first six months of 2013.