Mubasher: Al-Ansari Financial Services Company, which is based in the UAE, said today, Thursday, that it intends to offer 750 million shares on the Dubai Financial Market through an initial public offering, representing 10% of the value of the company’s issued capital..
The company added, in a statement, that the subscription period for the initial public offering will be between March 16 and 24, and the shares are expected to be listed on the stock exchange by April 6..
The statement stated that Abu Dhabi Commercial Bank, Emirates Financial Group Hermes and Emirates NBD Capital were assigned as joint coordinators for the initial public offering..
The company has appointed Abu Dhabi Commercial Bank and EFG Hermes as joint global coordinators for the offering.
The selling shareholder will receive the net proceeds of the offering, and the company will not receive any of the proceeds of the offering. All expenses, including sale coins and any discretionary fees, will be borne by the Selling Shareholder.
Dividend
The company achieved profits of 595 million dirhams last year, with a growth rate of 21%. It aims to distribute profits of up to 600 million dirhams as a minimum for the proceeds of 2023, and after that, it is expected to distribute profits at a rate of no less than 70% of the net profits achieved..
A presentation of the company, which it presented to investors in early March, prior to the offering, indicated that it had withdrawn 300 million dirhams from its balances in Abu Dhabi Commercial Bank to pay dividends before the initial public offering. In addition to distributing 300 million dirhams last year, the company paid 1.076 billion dirhams as exceptional dividends..
Al-Ansari expects the EBITDA margin to decline slightly during the current year compared to last year, provided that next year it will be much higher than the 2022 level. According to the presentation.
The company had distributed profits amounting to 312 million dirhams and 276 million dirhams in 2021 and 2020, respectively..
target expansions
The company aims to enter other markets in the Gulf region, which accounted for approx 25.4% of outward remittance flows worldwide in 2021.
The Group is in the process of acquiring Al Ansari Exchange Company – Kuwait (an entity owned by some of the existing shareholders of the selling shareholder), which in turn acquired Oman Exchange Company, a foreign exchange company in Kuwait. intends to apply for regulatory approvals to complete the acquisition; According to the prospectus.
The company said that the completion of the acquisition would create the fourth largest leading company in the Kuwait market, with a market share of 7.7%% in terms of the number of actual branches; This gives the group a strong presence in the sixth largest outward personal remittance market in the world.
In addition, the group intends to increase its market share outside the UAE through its wholly owned subsidiary by leveraging its network of correspondent banks and partners..
Al-Ansari is working to establish the “Al-Ansari Digital Pay” company, which is seeking permission from the Central Bank of the Emirates to be able to provide digital wallet services to be able to hold customers’ money, and enable them to make digital transfers and pay bills. The company expects to launch the company in the first half of this year.
Al Ansari Exchange Company was established nearly 60 years ago and currently operates more than 230 branches in the UAE. This makes it one of the largest exchange companies in the country. In addition to currency exchange services, it also provides money transfer services, pays the salaries of local workers, and provides savings programs; According to its website.
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