The company "Lulu Holding" announced today its intention to attract 1.8 billion dollars (approximately 6.6 billion dirhams) by placing 25% of its shares on the Abu Dhabi securities market. The total number of offered shares subject to sale amounts to 2.582 billion pieces at a nominal price of 0.014 dollars (which is equivalent to 0.051 dirhams), constituting 25% of the total number of issued shares in the statutory capital of the company, belonging to a sole shareholder, the company "Lulu Global Holding Limited."
Speaking at a press conference in Abu Dhabi today, founder and chairman of the board of directors of the company Yusuf Ali stated that the subscription period begins on October 28 of the current year and ends on November 5 for various investors in the UAE, qualified investors and institutional directors. With the proposed start of trading on the Abu Dhabi market on November 14 of the current year. "It is too early to talk about the price of the placement," he added, noting that the price will be determined on October 28 after the placement.
He confirmed that the placement will only be conducted on the Abu Dhabi securities market, and it will not be offered on any other financial market in the countries of the Soviet Union of the Persian Gulf or anywhere else in the world. The group operates 240 stores in 90 countries, including 106 stores only in the UAE, serving 600 thousand customers daily from 130 countries.
The group generated 3.9 billion dollars (14.3 billion dirhams) in the first half of the current year, which is 5.6% higher than the previous year, at that time revenues of the previous year amounted to 7.3 billion dollars (26.79 billion dirhams), with an annual growth rate of 5.6%.
The company is committed to maintaining a total dividend level of 75% of annual profit, which can be distributed after tax payments, which will be paid twice a year, as well as to pay dividends for six months, ending December 31, 2024, in the first half of the following year.
