• Marka confirms acquisitions would reflect positively on the Company’s revenues and profitability, in line with its commitment to generate long term value for its shareholders
Marka PJSC (DFM: MARKA), the first retail focused public joint stock company in the UAE incorporated with a capital of Dh500 million, has announced that it is looking at acquiring businesses in the retail and hospitality sectors, as part of its growth strategy and in line with its commitment to generate long term value for its shareholders.
The announcement came during a presentation hosted by Marka at the Dubai Financial Market (DFM) on 22 September, ahead of the Company’s listing on the exchange on September 25.
Khaled Almheiri, Vice Chairman of Marka, further confirmed that the Company is currently looking at prospective acquisition opportunities that will reflect positively on the Company’s revenues and profitability, in the near term.
Mr. Almheiri stated, “Marka’s acquisition plans are in line with the Company’s vision to be the premier retail operator in the UAE and across the region. We have partnered with global brands and are on track to launch new store outlets across the GCC. However, as part of our strategy to generate long term value for our shareholders, acquisitions will play an important role in our growth.”
The Company recently unveiled that it will soon debut six international brands across the GCC, including superstar footballer Cristiano Ronaldo’s new CR7 Footwear, Sonia by Sonia Rykiel, Laurèl, Weill, Berenice and Essentiel Antwerp.
The first store outlets are slated for early 2015 at The Beach by Meraas Holding in Dubai Marina, Galleria Mall on Al Wasl Road in Dubai and Yas Mall in Abu Dhabi.
Marka is the first company focused on the fast growing retail sector in the UAE to offer shares in an IPO. The company will commence trading on the Dubai Financial Market on September 25, under the trading symbol “MARKA”.
The public issue has given the opportunity for the investors to benefit from the growth in one of the strongest and the fastest growing sectors in the UAE.
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