Emaar the Economic City (Emaar.E.C), a consortium led by Emaar Properties and a number of high profile Saudi investors, has secured the approval from the Capital Market Authority (CMA) of Saudi Arabia to be listed on the Tadawul on October 7, 2006.
“The listing of Emaar.E.C on the stock exchange, eagerly awaited by millions of investors in Saudi Arabia, is one of the milestones for the company. The listing enhances our responsibility to the Saudi people, to whom we are grateful for the support and faith they have entrusted on Emaar.E.C,” said Mr Mohamed Ali Alabbar, Chairman, Emaar.E.C.
The listing of the shares follows the overwhelming response to the initial public offering of Emaar.E.C and the company’s registration. Emaar.E.C is developing the King Abdullah Economic City, a 55 million sq m development, which will usher in a new era of economic prosperity to the Kingdom.
“The SR100 billion project is inspired by the vision of vision of the Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud for his Kingdom and people. We thank him for his personal guidance and support on the project,” added Mr Alabbar.
“We are grateful to the Ministry of Commerce and Industry, the Capital Market Authority of Saudi Arabia and Saudi Arabian General Investment Authority (SAGIA), the prime facilitator of King Abdullah Economic City, for enabling us to play a significant role in contributing to the economy of the Kingdom,” said Mr Nidal Jamjoom, Chief Executive Officer, Emaar.E.C.
With an authorised share capital of SR8,500 million, comprising 850 million shares of nominal value SR10 each, Emaar.E.C offered 30 per cent of the equity, fully subscribed by the public. Open only for Saudi nationals, the IPO was for 255 million shares at a nominal value of SR10 each.
Over 10 million Saudis – approximately half the country’s national population subscribed to the IPO - a record for the Kingdom. The IPO was oversubscribed by 2.82 times and received 2.8 million applications with the total amount subscribed at SR7.18 billion.
