• Final approvals received by the Securities & Commodities Authority
• Company shares will commence trading on the Dubai Financial Market on 25 September
Marka PJSC (“Marka”), the first public joint stock company focused on the fast growing retail sector in the UAE with a capital of AED 500 million, today announced that the company will list its shares on the Dubai Financial Market (DFM) and commence trading on Thursday, 25 September, under the trading symbol “MARKA”.
“We are delighted to announce that Marka has been granted the final approvals by the Securities and Commodities Authority to list its shares and commence trading,” said Jamal Al Hai, Chairman of the Marka Board of Directors. “We would like to thank both the Securities and Commodities Authority and the Dubai Financial Market for their cooperation and support in all phases of the founding of the company and the inclusion of its shares for trading.”
Since incorporating in June 2014, Marka has partnered with leading global brands in the retail and hospitality sectors, and will begin a series of announcements during the coming days and weeks.
Nick Peel, CEO of Marka said, “We are proud to announce our listing date, an important milestone that offers Marka’s shareholders the opportunity to benefit for the first time from one of the fastest growing and strongest sectors of the UAE’s economy. I am confident that the retail partnerships we have secured to date and the ongoing implementation of our focused growth strategy will create long term value for Marka’s shareholders and customers.”
Mr. Peel was recently announced as Marka’s Chief Executive Officer. The former UK director of the leading European manager of designer outlets McArthur Glen, Mr. Peel was responsible for more than 200 brands and a turnover in excess of £600 million, or DHS 3.6 billion. Mr. Peel also served as the Retail Director for Arsenal Football Club, driving the Club to global super brand status.
The Company is the first retail focused company to list on the DFM and was the first to conduct an IPO since 2009. The company offered 55% of its shares, equivalent to 275 million shares, for IPO, which was 36 times oversubscribed with a total value of AED 10.345 billion.
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