Dubai-based Lootah Global Capital and Indonesian wealth advisory firm Heritage Amanah International will advise on the initial public offering and dual listing of an unnamed Indonesian tech company in a Gulf stock market by the end of the year.
The financial services companies agreed to explore opportunities between the Middle East and North Africa and South East Asia amid growing investment ties between the UAE and Indonesia, Lootah Global Capital said in a statement on Saturday.
The company did not disclose the the size of the listing or identify the bourse where the Indonesian company will be listed. It also declined to name the company.
The collaboration will provide "a platform of investment opportunities within the regions", Salina Nordin, founder and chief executive of Heritage Amanah International, said. "It will enable us to recognise and tap into promising global Shariah opportunities for strategic value creation.”
The agreement comes after the UAE invested $10 billion with the Indonesia Investment Authority, or INA, the country's sovereign wealth fund. The investment will be used in strategic sectors such as road and port infrastructure, tourism and agriculture, as well as other promising industries that can contribute to Indonesia's economic growth and social progress.
"The UAE provides an attractive environment with its well established and dynamic global financial centres, ideal geographical location in the centre of the Asian and Western financial markets, robust legal system and judiciary that is familiar with the Shariah principles, vibrant Islamic banking industry, a wide array of Sharia-compliant financial instruments and funds as well as Sharia Index," Lim Say Cheong, chief executive of Lootah Global Capital, said.
The planned IPO and dual listing of the Indonesian tech company on a stock exchange in the Gulf underscores the synergies between the UAE and Indonesia, Lootah Global Capital said.
The partnership will enhance the Shariah-compliant financial inclusion ties between South East Asia and Mena, according to Iggi Achsien, Secretary General of Indonesia Islamic Economic Communities.
Lootah Global Capital, which is regulated by the Dubai Financial Services Authority, is a fully owned subsidiary of family-owned conglomerate Lootah Holding.
Heritage Amanah is a global independent wealth and investment advisory firm that offers financial services ranging from start-up founders to high net worth individuals, multi-family offices, institutions, corporates and state-owned organisations in Indonesia.
