Emirates NBD PJSC (“Emirates NBD”), the Dubai-based banking group resulting from the merger of Emirates Bank International PJSC (“EBI”) and National Bank of Dubai PJSC (“NBD”), today listed its shares on the Dubai Financial Market (“DFM”), becoming the second largest company listed on the DFM, and the third largest in the UAE, by market capitalization . The shares will trade under the ticker, ‘ENBD’.
The listing of ordinary shares of Emirates NBD was finalized and approved by the DFM in collaboration with the Emirates Securities and Commodities Authority.
Commenting at the opening of the DFM this morning, Ahmed Humaid Al Tayer, Chairman of Emirates NBD, said, “This is an immensely proud moment for everyone involved in the merger that will create a true national banking champion. By bringing together EBl and NBD to create the biggest bank by assets in the GCC, we have created an exciting future growth story that we believe shareholders, customers and employees can participate in.”
Hosting the listing event, Essa Kazim, Chairman of the DFM, said, “This is an exciting day for DFM as we welcome the UAE’s largest banking group, both in terms of assets and market capitalization, to the exchange. Following the recent delisting of NBD and EBI, Emirates NBD now becomes the 55th company to list on the DFM. We are extremely pleased to list this newly merged financial services powerhouse, which will benefit greatly from the regional and international exposure provided by DFM.”
Rick Pudner, CEO of Emirates NBD, added, “The listing of shares on the DFM marks the start of the process where the benefits of bringing together these two banks will begin to be seen. For our shareholders, this means we are a step closer to delivering on our promises to generate revenue and cost synergies, and to improve performance based on our enhanced scale, improved market positions, greater financial strength and improved expansion opportunities.”
4,126,904,536 Emirates NBD shares have been listed today, representing shares issued to EBI and NBD shareholders who accepted the Emirates NBD offer by 17 September 2007, the first closing date. By the first closing date, the offer was accepted by shareholders of EBI representing 95.19% of its share capital and by shareholders of NBD representing 90.17% of its share capital. This equates to 93.93% of the share capital of Emirates NBD assuming 100% acceptance levels by both EBI and NBD shareholders.
EBI and NBD shareholders who have accepted, or will accept, the Emirates NBD offer after the first closing date and by the second closing date which is at 3pm Dubai time on 17 October 2007 (the “Second Acceptance Period”), are expected to be issued their Emirates NBD shares on or around 31 October 2007. As of 11 October 2007, EBI shareholders representing 99.00% of its share capital and NBD shareholders representing 97.34% of its share capital had accepted the offer during the Second Acceptance Period, equating to 98.44% of the share capital of Emirates NBD.
Emirates NBD may at its discretion continue to receive acceptances from EBI and NBD shareholders who have not accepted the offer by the second closing date and on such terms as Emirates NBD shall see fit. As of today, the shares of EBI and NBD will be de-listed from the DFM.
