Shareholders in Massar Solutions have postponed the initial public offering of the company after an insufficient number of applications was received for the 240 million shares on offer, worth Dh576 million.
“Some investors were unable to submit their applications within the offer period on account of the continued volatility in oil prices, which in turn had an impact on the regional and international capital markets,” read a statement from Massar, agreed with the Securities and Commodities Authority.
Two shareholders – Abu Dhabi National Energy Company (Taqa) and the financial firm Invest AD – own the share capital of Massar, and had intended to sell 20 per cent each to Emirati retail investors and institutions.
It would have been the first IPO on the Abu Dhabi Securities Exchange since 2011, and the first in the capital in the recent wave of UAE listings, which have come mainly on the Dubai Financial Market.
The IPO will be postponed “until such time as oil prices are more stable”, the statement said. Investors who took up the offer – understood to account for less than 50 per cent of the total offering – will have their cash returned.
Massar added: “A significant interest was expressed from a broad spectrum of sophisticated institutional investors and family offices, who remarked on the robustness of the company’s business model.”
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Power: 480kW
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- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
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Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
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