Daman Investments successfully completes private placement for 22.7% of company
- United Arab Emirates: Sunday, June 24 - 2012 at 12:06
- PRESS RELEASE
Daman Investments PSC, one of the UAE-based regional investment management companies, has announced the successful completion of a capital increase through a private placement with an investment of Dhs99,999,950 as the company moves forward with future plans culminating with an Initial Public Offering (IPO).
Commenting on the announcement, Mr. Shehab Gargash, Chief Executive Officer of Daman Investments PSC said, "The success of the capital raise at a premium is a very clear indicator of the value of Daman, and the robust nature of the UAE market, in the midst of one of the most severe crises the world has ever seen. Daman Investments continues to eye launching a future Initial Public Offering based on improved market conditions."
"The accomplishment of a successful IPO to be listed on one of the markets in the UAE is the clear and focused objective of Daman's medium-term strategy. We are fully intent on bringing to fruition our ambition for Daman Investments to emerge as a leading Arab financial management firm, growing within the region's rapidly evolving financial services industry," Mr. Gargash further commented.
The new share issuance represents 22.7% of the combined total capital base of the company, and values the company at approximately Dhs440m. The new shares were issued at a premium of Dhs70 (70%) above their nominal value of Dhs100 per share.
For the first time since the company's establishment in 1998, Daman Investments has opened its doors to new qualified investors following the announcement of its strategy to broaden the shareholder base of the company. Daman's approach has been developed in anticipation of new opportunities in the wake of the global credit crisis and has been designed to optimize the traction of the company's efficient operations as the UAE returns to its positive stance and leadership role in the region's economic environment.
Daman Investments' move to increase capitalization is in line with its commitment to create outstanding value for its investors by energizing the operations of its subsidiaries whose sustained growth contributes tremendously to the company's overall performance and to the growth of its investors' shareholding value.
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