Daman Investments, a UAE asset management firm, is in the final stages of obtaining regulatory approval for an initial public offer of shares and hopes to launch it in the next few weeks, a senior executive said on Tuesday.
The company had announced last November that it planned to list on the Dubai Financial Market during the first quarter of 2015 to expand its business and fund new opportunities at home and in the wider region.
Since then weak equity markets in the Gulf, partly due to the plunge of oil prices, have caused at least several UAE companies to suspend IPO plans.
But Shehzad Janab, head of asset management and advisory business at Daman, said on Tuesday that the company was not deterred by the slump and would proceed with the offer if approval was obtained and market conditions were satisfactory.
“If you raise capital earlier when valuations are lower, you have more opportunities to deploy it at attractive valuations,” he told Reuters.
Daman said in November that it would sell new shares equivalent to 55 per cent of the firm to the public. The selling price was being discussed with the regulator and figures on the company’s recent revenue and profit would be published once the talks concluded, chairman Shehab Gargash said.
Founded in 1998, Daman is backed by investors from the UAE and the wider Gulf region. It announced as early as 2009 that it hoped to go public on the Dubai or Abu Dhabi stock markets, but that was delayed by the global financial crisis.
Daman sold a 22.7 per cent stake to private investors via a placement of shares in June 2012, which valued the company at Dh440 million. A previous fund-raising round, before the financial crisis, had valued Daman at around double that figure.
Emirates Investment Bank was appointed financial adviser and lead manager for the planned IPO, with law firm White & Case acting as legal adviser, the November statement said.
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Director: Tim Burton
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The specs: 2018 BMW X2 and X3
Price, as tested: Dh255,150 (X2); Dh383,250 (X3)
Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)
Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)
Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)
Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)
Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
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Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
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Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
UAE currency: the story behind the money in your pockets
SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
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