Logo of Dar Al Arkan Real Estate Development Co.
Dar Al Arkan Real Estate Development Co. announced its intention to pursue a separate direct listing of its Dubai-based international unit, Dar Al Arkan Real Estate Development, after rebranding into Dar Global Group, on the standard listing segment of the Official List of the UK Financial Conduct Authority (FCA) and to the London Stock Exchange's (LSE) main market.
The proposed listing will involve a corporate re-organization of Dar Global. It is subject to FCA and LSE’s approvals, as well as the disclosure of an FCA-approved prospectus in respect of Dar Global, the developer said in a Tadawul statement.
Prior to the listing, Dar Al Arkan will divest a minority stake of approximately 12% of its equity interest in Dar Global. This will be through a primary issuance of new ordinary shares by the new British company to be listed in the UK to qualified investors via a private placement, retaining the remaining 88% controlling interest by Dar Al Arkan.
Following the listing, Dar Global will be the UK holding company of the mother company’s international property development interests and marketing offices in the UK, Spain, UAE, Oman, Qatar, Bosnia and China.
Subject to the completion of the private placement and obtaining the required UK regulatory approvals, the listing is expected to take place in Q1 2023, the statement added.
The Saudi-listed company also clarified that there is no material financial impact on it and Dar Global, adding that any further updates in this regard will be announced later.
In November, Dar Al Arkan’s board of directors said it was considering several strategic and capital market options related to its Dubai unit, including floating the latter’s shares on an international stock exchange, according to data compiled by Argaam.
Comments
{{DisplayName}}
{{ElapsedTime}}