Saudi news

Dar Al-Arkan intends to float its subsidiary in Dubai on the main market of the London Stock Exchange

The Board of Directors of Dar Al-Arkan Real Estate Development Company announced its intention to list its Dubai-based international subsidiary, after renaming it the “Dar Global” group, in the primary listing sector of the official list of the Financial Conduct Authority in the United Kingdom “FCA” and the main market of the Stock Exchange. London Stock Exchange “LSE”.

“Dar Al-Arkan” said in a statement on “Saudi Tadawul”, today, Thursday, that the proposed listing will include the restructuring of the “Dar Global” company, and this is subject to the approvals of the Financial Conduct Authority (FCA) and the London Stock Exchange after the disclosure of the prospectus approved by the FCA in relation to “. Global House.

Dar Al-Arkan added that, prior to listing, it will offer a minority stake of about 12% of its stake in Dar Global through an initial issuance of new ordinary shares by the new British company that will be listed in the United Kingdom, Dar Global, to qualified investors from Through a private placement, with Dar Al-Arkan retaining the remaining controlling stake of 88%.

She explained that after the listing, “Dar Global” will be the British holding company for the group’s international activities in the field of real estate development and marketing offices in the United Kingdom, Spain, the United Arab Emirates, the Sultanate of Oman, Qatar, Bosnia and China.

It expected the listing to be completed in the first quarter of 2023.

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