Kuwait-based property developer Abyaar Real Estate said yesterday it plans capital increase and secondary listing on the Dubai Financial Market (DFM).
The company, which has appointed NBD Investment Bank, an Emirates NBD company, as its financial adviser and lead placement agent, has submitted an application to the Emirates Securities and Commodities Authority (Esca) and to the DFM for approval to list its shares on the DFM. Abyaar shares are already listed on the Kuwait Stock Exchange.
Marzooq Rashed Al Rashdan, Vice-Chairman and MD, said: "Demand for the company's luxury developments in the UAE, which is testament to the high end nature of our design and finishing, continues to grow. A capital increase will support us in our ambitious growth plans, which involve further funding of our land bank and diversification into new markets in the Gulf.
"A listing on the DFM provides an opportunity for UAE based investors to have direct access to this strong and growing market.
"Bearing in mind that the majority of our projects are UAE-based – secondary listing and share sale will no doubt enhance the stocks tradability."
The capital raising is expected to be launched within the first half of 2008, with the listing on DFM expected within weeks of the launch, subject to Esca and DFM approval.
Abyaar has called for an extraordinary general meeting (EGM) where the 10 per cent capital increase and a possible upcoming Sukuk issuing will be discussed.