Bahrain-based asset manager Investcorp Capital has begun trading on the Abu Dhabi Securities Exchange following an initial public offering that raised Dh1.66 billion ($451 million).
Shares of the company, a unit of Mubadala Investment Company-backed Investcorp, rose as much as 4.34 per cent to hit Dh2.40 on Thursday, before retreating to Dh2.24 in midday trading.
Investcorp, which recorded strong demand from local and international investors for the IPO, increased the number of shares on offer to 720 million ordinary shares, or 32.85 per cent of the company's total issued share capital, up from the initial offer of 29.34 per cent.
They were priced at the top end of the range at Dh2.30 a share.
The offering, comprising 321.5 million new shares and 398.5 million existing shares, was fully subscribed and allocated.
The IPO gave the company a market capitalisation of about Dh5.04 billion.
The company plans to pay dividends of at least Dh422 million for its financial year ending June 30, 2024, implying a dividend yield of 8.4 per cent on an absolute and pro-rated basis and 13.5 per cent on an annualised basis for IPO investors, it said in a statement on Friday.
“This is a proud and historic moment for Investcorp Group as Investcorp Capital begins life as a listed company on the ADX, bringing with it new professional and institutional shareholders from the region and around the world," said Mohammed Alardhi, executive chairman of Investcorp Group.
Investcorp Capital's IPO comes in the middle of a listings boom in the Arabian Gulf region, driven by government incentives, foreign investor interest and diversification efforts.
IPO activity in the wider Middle East and North Africa region continued to gather momentum in the second quarter of 2023, as the volume of IPOs on regional bourses surged 44 per cent annually amid robust economic growth, data from global consultancy EY showed.
“This listing is a testimony to the trust that international companies place in the UAE’s capital markets and the country’s stable economy and diversified investor ecosystem," said Abdulla Al Nuaimi, chief executive of the ADX.
Investcorp Capital intends to use the net proceeds of the offering to further develop its capital financing services business and increase its investments into the capital deployment business of about $100 million, the company said in October, when it announced its intention to list shares.
It also plans to use the funds to finance strategic growth avenues and general corporate purposes to "provide all shareholders with unrivalled investment opportunities and consistent returns", said Timothy Mattar, chief executive of Investcorp Capital.
"The demand from a broad range of investors is testament to the confidence and trust our new shareholders have placed on our strategy and growth potential."
The company invests capital into funds managed or controlled by its clients, or directly into alternative investments, including private corporations, property assets and collateralised loan obligations.
It has interests in private equity, real estate and credit management, and holds general partner positions in North America, Europe, the Middle East and Asia.
Investcorp has made major moves to boost its global portfolio. In September, it bought 31 industrial properties in the US worth $216 million, while in July it said it was investing $100 million to buy a majority stake in SEC Newgate, an Italy-based global strategic communications and advocacy group.
Moelis & Company UK was the independent financial adviser for the IPO, while Citigroup Global Markets, Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International and HSBC Bank Middle East were joint global co-ordinators and joint bookrunners on the deal.
Emirates NBD Bank and First Abu Dhabi Bank are the joint lead receiving banks, while Al Maryah Community Bank and Mashreqbank are receiving banks.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Ad Astra
Director: James Gray
Stars: Brad Pitt, Tommy Lee Jones
Five out of five stars
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The%20Emperor%20and%20the%20Elephant
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3ESam%20Ottewill-Soulsby%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EPrinceton%20University%20Press%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPages%3A%20%3C%2Fstrong%3E392%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3EJuly%2011%3C%2Fp%3E%0A
Results
6.30pm: Maiden Dh165,000 (Dirt) 1,400m. Winner: Rio Angie, Pat Dobbs (jockey), Doug Watson (trainer).
7.05pm: Handicap Dh170,000 (D) 1,600m. Winner: Trenchard, Pat Dobbs, Doug Watson.
7.40pm: Maiden Dh165,000 (D) 1,600m. Winner: Mulfit, Pat Dobbs, Doug Watson.
8.15pm: Handicap Dh210,000 (D) 1,200m. Winner: Waady, Dane O’Neill, Doug Watson.
8.50pm: Handicap Dh210,000 (D) 2,000m. Winner: Tried And True, Pat Dobbs, Doug Watson.
9.25pm:Handicap Dh185,000 (D) 1,400m. Winner: Midnight Sands, Pat Dobbs, Doug Watson.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Afro%20salons
%3Cp%3E%3Cstrong%3EFor%20women%3A%3C%2Fstrong%3E%3Cbr%3ESisu%20Hair%20Salon%2C%20Jumeirah%201%2C%20Dubai%3Cbr%3EBoho%20Salon%2C%20Al%20Barsha%20South%2C%20Dubai%3Cbr%3EMoonlight%2C%20Al%20Falah%20Street%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EFor%20men%3A%3C%2Fstrong%3E%3Cbr%3EMK%20Barbershop%2C%20Dar%20Al%20Wasl%20Mall%2C%20Dubai%3Cbr%3ERegency%20Saloon%2C%20Al%20Zahiyah%2C%20Abu%20Dhabi%3Cbr%3EUptown%20Barbershop%2C%20Al%20Nasseriya%2C%20Sharjah%3C%2Fp%3E%0A
KILLING OF QASSEM SULEIMANI
