Marka PJSC, the first public joint stock company focused on the fast growing retail sector in the U.A.E. with a capital of AED500 million, will list its shares on the Dubai Financial Market (DFM) and commence trading tomorrow, Thursday 25th September.
Jamal Al Hai, Chairman of Marka’s Board of Directors, said, “This is an historic milestone for Marka and our shareholders and I would like to extend sincere thanks to the Dubai Financial Market for the ongoing support exercised throughout Marka’s IPO and listing process. Marka and the Board of Directors would also like to thank the Securities and Commodities Authority for their cooperation and support in all phases of the founding of the Company and the inclusion of its shares for trading.” Marka’s IPO, which was more than 36 times oversubscribed, was the DFM’s first since 2009. The Company is also the DFM’s first company to focus on the region’s retail and hospitality sector.
The listing has been highly anticipated by the investors’ community as it provides the first exposure to one of the strongest and the fastest growing sectors in the U.A.E..
At a company presentation held at the DFM on 22nd September, Marka announced that acquisitions in the retail and hospitality sector will form a cornerstone of its strategy to achieve profitability earlier than previously announced. Additionally, the company has announced a new corporate focus on sports retail, a fast growing sector that has witnessed double digit growth.
Khaled AlMheiri, Vice Chairman of Marka’s Board of Directors, commented, “Commencing trading is a major achievement for both Marka and our shareholders. As a company, we have demonstrated that we are committed to generating long-term value for our shareholders. To that end, the company is currently looking at prospective acquisition opportunities that will reflect positively on the company’s revenues and profitability, in the near term.” AlMheiri added, “Marka has put in place a strategic growth plan that will see the introduction of many more internationally acclaimed brands in the retail and hospitality sectors, which will be announced over the upcoming weeks and months. This will create a strong base for the company, allowing us to quickly establish ourselves as a leading retail and hospitality operator, in line with the expectations and aspirations of our shareholders.” The company also recently unveiled that it will debut six international brands across the GCC, including superstar footballer Cristiano Ronaldo’s new “CR7 Footwear” brand, as well as fashion brands Sonia by Sonia Rykiel, Laur?l, Weill, Berenice and Essentiel Antwerp.
The first store outlets are slated for early 2015, with the CR7 Footwear opening timed to coincide with the global launch of Cristiano Ronaldo’s new label.
Source : WAM News Agency for United Arab Emirates
