UAE telecom firm du announces sale of 342 million shares

08/09/2025 05:21 AST

Emirates Integrated Telecommunications Company (du) on Monday announced over 342.084 million shares sale with a nominal value of Dh1 each, representing 7.5467 per cent of the total issued shares.

The shares in the UAE's second telecom operator - listed on the Dubai Financial Market (DFM) - have been offered for sale by Mamoura Diversified Global Holding.

The price for the offer share is between Dh9 and Dh9.90, the company said in a prospectus published in local media on Monday.

By selling 342,084,084 shares, the company will raise between Dh 3.078 billion to Dh3.386 billion.

Du's shares closed at Dh9.90 per cent on Friday, down 03 per cent.

It said that it reserves the right to amend the size of the offering at any time prior to the end of the subscription period, subject to the approval of the Securities and Commodities Authority (SCA).

Prior to the share sale, Mamoura Diversified Global Holding owned a 10.0622 per cent stake in the UAE's second telecom operator. If all the shares are fully subscribed, its stake will shrink to 2.5156 per cent in the company.

Currently, the Emirates Investment Authority (EIA) owns a majority 50.1164 per cent stake, followed by DH 8 LLC at 19.6657 per cent, and Mamoura Diversified Global Holding (formerly Mubadala Development Company PJSC) owns 10.0622 per cent. The remainder of the shares are held by public shareholders consisting of UAE and international individuals and professional investors.

The company announced Dh921 million profit for the first half of 2025, up from Dh801 million during the same period last year, an increase of 15 per cent.

Subscription period, allocation
The subscription period for the two-tranche share sale will run from September 8 and is expected to close on September 12.

Under the first tranche, retail investors will be offered five per cent of the share offer, representing 17.104 million shares.

Each subscriber in the first tranche will be guaranteed a minimum allocation of up to 500 shares, subject to the limits and conditions set out in the prospectus.

The minimum application size for the subscribers in the first tranche is Dh5,000 with any additional application to be made in increments of Dh1,000. There is no maximum application size for the first tranche subscribers.

The second tranche, covering 95 per cent of the offer shares, amounts to 324.979 million shares and will be allocated to institutional investors.

The minimum subscription for offer shares in the second tranche is set at Dh5 million.

It also announced five per cent share sale offer to Emirates Investment Authority (EIA).

Emirates NBD is the lead receiving bank while joint lead managers are Abu Dhabi Commercial Bank, Emirates NBD Capital and First Abu Dhabi.

Investors interested in subscription of share sale can subscribe through receiving banks' branches and ATMs as well as electronic platforms of DFM, Emirates NBD, Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (Adib), Dubai Islamic Bank (DIB), First Abu Dhabi Bank (FAB), Mbank, and Wio.

Khaleej Times