By: Ramy Sameeh
Abu Dhabi – Mubasher: The initial public offer (IPO) of Eshraq Properties' stocks on the Saudi Stock Exchange (Tadawul) is still under consideration by Saudi regulatory authorities, said managing director Suleiman Al Dhalaan on Sunday.
Speaking to Mubasher on the sidelines of the company's ordinary general meeting, the top official noted that Eshraq has presented all the necessary documents and appointed a financial advisor, however it has not received any response yet.
The Abu Dhabi-listed real estate developer announced three years ago that it was seeking regulatory approvals to list its shares on Tadawul.
As for real estate acquisitions, Al Dhalaan revealed that his company was working on several such acquisitions, but declined to go into detail.
The managing director added that his company acquired several units at the Dubai International Financial Centre (DIFC) for AED 229 million last year.
"Eshraq will continue with its projects in Bain Al-Jisrain and Marina Rise in Abu Dhabi as well as its Jumeirah Towers in Dubai," Al Dhalaan revealed, adding that the developer has a strong financial position and has no financial commitments or outstanding debt.
The top official declined to comment on news that GFH Group was seeking to acquire shares in Eshraq in exchange for several properties owned by the Bahrain-based financial group.
"The issue is still under consideration by the Securities and Commodities Authority (SCA)," Al Dhalaan stated.
Earlier this month, GFH, which is listed in Bahrain, Kuwait and Dubai, said that had signed a preliminary letter of intent (LoI) with the Abu Dhabi-based developer that would allow the company to acquire some of GFH's properties in exchange for shares in Eshraq.
The OGM which convened on Sunday approved all items on the agenda including last year's balance sheet, and the profit and loss account.
It also approved the appointment of Hamid Rashed Al Shamsy and Abdullah Saleh Al Mohaimady as board members instead of Yacoub Ali Al Naqby and Ahmed Mohammed Mansour who have resigned their posts.
Eshraq Properties' share was the most active in terms of traded volume on the Abu Dhabi Securities Exchange (ADX) on Sunday with 29.81 million shares traded at a turnover of AED 24.53 million. The stock closed at AED 0.81.
Translated by: Nada Adel Sobhi
