Abu Dhabi Securities Exchange (ADX) hosted yester day Massar Solutions meeting with ADX licensed brokers in the exchange’s main offices in Abu Dhabi. During the meeting, attended by Massar’s CEO Paul Greenwood and some of the company’s senior staff as well as ADX senior management, Massar delivered a presentation on the company’s strategies, their financial results, and their future plans.
Earlier this month, Massar announced that it will sell 40% of its shares on the Abu Dhabi Securities Exchange (ADX). The expected listing date is February 18, 2015. The company plans to sell 240 million ordinary shares at AED2.4 each between January 11 and 25, which would value the listing at AED576 million ($156.8 million).
The IPO will only be open to United Arab Emirates (UAE) nationals, with 20% of the floatation retained for retail investors. The other 80% will also be available to retail investors and fully owned government institutions and UAE companies.
Massar Solutions will be the first Public Joint Stock Company to launch IPO subscription through ADX eKtetab electronic IPO platform. ADX-eKtetab is specifically designed for building robust eServices Applications for Stock Exchanges.
ADX-eKtetab will provide secure real-time Subscription Processing Management Services to Issuers, Lead Receiving Banks and any number of Receiving Banks as part of its initial launch. Complete workflow life cycle processes, from subscription information acceptance through Allocation and Refunds, are automated in real-time with the use of ADX-eKtetab and the Issuer can be listed within hours of the close of the IPO.
Paul Greenwood, Chief Executive Officer of Massar commented: “We would like to thank the Abu Dhabi Securities Exchange for their kind hospitality and for giving us the opportunity to present to their members. We are very excited by the prospect of being listed on the ADX, which would make us the first company in our sector to have secured such an important accolade. We are looking forward to a long and happy association.”
Dr. Mahdi Mattar of Evolvence Capital added: “We were pleased to meet Massar’s management team and to have the opportunity to understand their business. We were very impressed with what we heard and it is clear that Massar is an attractive business with a strong market position and excellent prospects. We are confident that investors will welcome the opportunity to takes shares in such a successful company.”
Mr Tariq Qaqish, Head of Asset Management at Almal Capital further commented: “We very much enjoyed meeting the Massar team. It is clear that they have a thorough grip on their business, a clear understanding of their market and a compelling strategy to achieve further growth. The presentation was a very worthwhile exercise, because they made a very convincing case to their audience, all of whom I am sure were encouraged by what they heard. We are certain that Massar will be an excellent addition to the Abu Dhabi Securities Exchange.”