Jamal Al Hai, Chairman of the Founders Committee of Marka, a public joint stock company under incorporation with a capital of AED500 million, will hold the Inaugural General Meeting tomorrow, June 1, 2014 to approve the establishment and listing of the company, and to appoint its first Board of Directors.
Al Hai said as per the UAE laws, the convening of the Inaugural General Meeting requires the attendance of 75% of the company’s shareholders. If that is not possible, the Inaugural General Meeting will be held on the following day (June 2), and will be valid when there’s a presence of 50% of the company shareholders. If that is not possible, then it will be held on the next day (June 3) with whatever number shareholders attendance.
Al Hai pointed out that after the establishment of the company, Marka will submit a request for the Securities and Commodities Authority (SCA) to list its shares on the Dubai Financial Market, in accordance with the requirements of the SCA and the Dubai Financial Market (DFM), including meeting the requirements of online trading.
He added: “Subscription for the shares of Marka represented one of the most successful and popular IPOs in the United Arab Emirates, as the 275 million shares offered (equivalent to 55% of the company’s shares) were oversubscribed 36 times, with a total value of AED10.345 billion. We look forward to starting the company’s operation and achieving its ambitious goals.”
Marka will use the proceeds from the IPO primarily towards the rollout of fashion stores, restaurants and cafes in the region. It is planned that the company will allocate 50% of its capital for opening of fashion retail stores and the other 50% will be allocated for the opening of restaurants and cafes.
Marka will focus on the introduction of new concepts in the retail and F&B sectors in UAE and the broader GCC region. Both these sectors are witnessing increasing activity due to growing demand from both residents as well as the increasing number of tourists visiting the country.
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