[edit] Topic title changed updated from ... [/edit]
Al Qudra Holding to list early 2007 - foreign ownership to 49%
This report doesn't say if Al Qudra plan to be listed on DFM or ADSM.
Reuters 12 Jun 2006 wrote:
Al Qudra Holding to allow foreigners to own shares
Dubai - The UAE's Al Qudra Holding said it has received state approval to allow foreigners to own up to 49 per cent of its shares, state news agency WAM reported on Sunday.
Chairman Salah Al Shamsi said the company, which has a capital of Dh600 million, will be turned into a public shareholding company at the start of 2007, WAM said.
UAE companies are relaxing ownership rules to try to lure the limited foreign investment allowed by law. The UAE restricts foreign ownership of shares to 49 per cent in all firms, except banks where the limit is 40 per cent.
[edit 14 Mar 2007] This post moved here from other topic (deleted). Originally posted Wed Feb 07, 2007 1:16 pm. [/edit]
From AED 600 million in 2005 to "several billion" a couple of years later ? Did I read that right?
Gulf News 07 Feb 2007 wrote:
Al Qudra weighing its options for going public
By Ahmed A. Elewa, Staff Reporter
Abu Dhabi: Al Qudra Holding is considering several options for converting to a publicly-listed company, according to a top official at the group.
"We are considering several options about the manner by which the company should shift to public. Nothing is final yet, but we will announce our plans soon," Salah Al Shamsi, the company's chairman and managing director, told Gulf News yesterday.
The company, which was incorporated in 2005, is already investing aggressively in many fields including real estate, project management, waste management, utilities, industry and healthcare.
"We will also launch a new company soon to set our foot in yet another new sector," he added, explaining that although the company was initially launched with a paid up capital of Dh600 million it is now worth several billion.
Al Qudra launched a new company yesterday called Q Education in partnership with the Singapore based Learning Vision Holding (LVH).
Upon signing the articles of association for the new company, Al Shamsi said that the initial capital is set at Dh5 million with LVH providing the management and knowhow, while Al Qudra will provide the land, logistic support and finance.
First project
"This is our first project in the Middle East as we seek to become a globally leading institution in the field of education," said Azman Jafar, LVH's chairman.
"The new company is a full fledged educational institute from nursery to high school and subsequently training for adults as well," said Dr Nariman Al Mulla, chief operating officer of Al Qudra Holding.
As Al Qudra Holding is based in Abu Dhabi, my guess is that it will be listed on the Abu Dhabi Securities Market (ADSM). If, indeed, Al Qudra is going to list. They said the start of 2007 back in June 2006, and we've seen nothing yet ... _________________ UAE IPO list | posting guidelines
Eng. Salah Salem Bin Omeir Al Shamsi, Chairman and Managing Director of Al Qudra Holding confirmed that 'The Company is diligently working towards listing a portion of its shares for public subscription. Preparations with the country's underwriting specialists are currently underway to ensure the smooth transition of Al Qudra Holding into a publicly listed company.'
Reuters reported on Tuesday that the Al Qudra IPO would happen in Q1 2008, and list on the Abu Dhabi Securities Market (ADSM). Well, that's only a year later than originally planned, assuming it goes ahead...
This report also contained news about the Depa IPO.
Reuters 16 October 2007 wrote:
UAE property-related firms plan IPO, listings
Abu Dhabi-based Al Qudra Holding, which invests in industries including real estate and infrastructure, said it plans to sell about 25 per cent of the company in the first quarter as it seeks to expand in the Arab world.
...
Al Qudra, set up in 2005 with share capital of 550m dirhams ($149.8m), plans to list its stock on the Abu Dhabi bourse, the firm’s Chairman Salah Salem Al Shamsi said by telephone yesterday.
“We are looking at Yemen, Syria, Morocco and Algeria,” Shamsi said of the company’s expansion plans.
Qudra profit last year tripled to 637m dirhams after it expanded into real estate, according to its Web site.
“We will offload a small portion, about 25 per cent, through a public share offering, sometime in the first quarter of 2008 and then list the company on the Abu Dhabi Securities Market,” Shamsi said, declining to give details on how much the company is planning to raise.
Dubai-based investment bank Shuaa Capital (SHUAA) is advising Al Qudra on the share sale, Shamsi said, and Morgan Stanley & Co and UBS AG are advising Depa (DEPA), said Sweid.
Emirates Business 24-7 interviewed the Al Qudra CEO, Salah Al Shamsi, who said the Al Qudra IPO was probably going to happen in February 2008...
Emirates Business 08 December 2007:
Al Shamsi stopped short of specifying the share to be offered, but said the company will probably go public in February...
...Al Qudra is currently preparing for the share issue, and is keen to provide the highest degree of accuracy of data and statements to serve shareholders’ interest, said Al Shamsi.
Feb 2008? Umm... what are the chances that each share would be price at AED 1, especially with ESCA citing that the book-building process is on the cards? Secondly, would the IPO be open to foreigners?
Its a rediculous IPO, it seems like its a good strategy to collect some high profile shareholders and create a company and then cash out on the expense of people like you and I. The only way to become a billionaire is to create a company and list it in the stock exchange. This region is hot for companies to get listed and cash out rich. I think I am gonna create a company and collect some high profile shareholders and go IPO. I need to make my first Billion soon
There is an IPO bubble which is building up, and soon the IPO buble wil burst, the market then will go crashing down just what happened to the Canadian Market, where all the junk stocks are listed.
However, do not worry now, I would say the next crash in the UAE will happen in year or so because of junk stocks getting listed.
Feb 2008? Umm... what are the chances that each share would be price at AED 1, especially with ESCA citing that the book-building process is on the cards? Secondly, would the IPO be open to foreigners?
The company's being operating for two years, Al Qudra CEO was even nominated as one of the most influential business executives in the middleeast. It will certainly not be at Dhs 1 and yes it will be open to foreigners, and as it is a Abudhabi based company, it will be listed on Abudhabi stockmarket.
I disagree with bio4jaa, that Al qudra being a ridiculous IPO, Al Qudra, is the braindchild of Her highness Shaikha Fatima bin Mubarak Al Nahyan, The company is going places and has a bright future ahead of it, .
2008 is going to be a year of the IPOs, as the excess liquidity has to be soaked up or channelled or we might have a repeat of 2005.
Something i like to add on to Al Qudra Holding, This is abudhabi answers to Dubai investment, a conglomerate in making with all the connections, minus the beaurocractic red tape involved in moving business foward.
This is one IPO to look forward to and i certainly dnt think we are lucky enough to get it at 1 Dh.
what are the chances that each share would be price at AED 1, especially with ESCA citing that the book-building process is on the cards? Secondly, would the IPO be open to foreigners?
June 2006 news said company would be open to foreign ownership. We'll have to wait for Al Qudra IPO prospectus to see if that eligibility is for the IPO also. I'd guess yes. Du Telecom (DU) was the only IPO I know of that did not allow foreigners to take part, despite the company allowing foreign ownership.
Current regulation is that DFM and ADSM IPOs are priced at AED 1 per share. The rules might change before Al Qudra IPO actually goes ahead. Their IPO has been all talk for the past year and a half. Here's another proposed date ... "definitely in 2008" says the CEO . What happened to Q1 2007? Q1 2008? Feb 2008?
The delays themselves are something to question but it seems to be the norm here. What bothers me more, is that there is no comment made about previous dates. And every time there's a new press release or report, the event is touted as though it's big, new, exciting news. Whether that's the fault of the reporter, or the company, I don't know in this case.
Gulf News 04 February 2008:
Al Qudra to announce share listing this year
By Himendra Mohan Kumar, Staff Reporter
Abu Dhabi: The chairman and managing director of Al Qudra Holding, a major investment company based in the capital, said the company will make an announcement this year regarding a stock exchange listing.
"It will definitely be in 2008," Salah Salem Bin Omeir Al Shamsi, told Gulf News on the sidelines of the ongoing Abu Dhabi Economic Forum here on Sunday.
He said Al Qudra is now looking at developing real estate projects in India as part of its overseas expansion plans.
"We haven't yet identified the sites in India, but we will be going and talking to private sector real estate developers there," said Al Shamsi.
Asked if Al Qudra had identified a particular Indian developer to partner with, Al Shamsi said: "Not yet. We will start these discussions soon."
Al Qudra has previously announced plans to develop real estate projects in Morocco, Algeria, Syria and Yemen.
"Al Qudra International is our international arm for investment outside and they are looking for several opportunities in these countries in all areas, including real estate and agriculture," Al Shamsi said, adding that any new venture will be announced only after its finalised.
He declined to give a forecast for Al Qudra's local and overseas investments in 2008. "You have to wait until 2008 ends. We don't announce before-hand," said Al Shamsi.
At last! And based on 2007 FY results, the Al Qudra IPO could be one to consider more seriously than the DP World IPO in 2007, or the Ajman Bank IPO in Feb 2008.
In the case of Al Qudra, I've assumed it's the Al Qudra Holding Company that's going IPO, not just one of its subsidiaries.
So a couple of questions are:
1. Is it Al Qudra Holding IPO, or a subsidiary?
2. If an Al Qudra subsidiary, which one?
3. If Al Qudra Holding IPO, are any subsidiaries / assets excluded, and which ones?
Al Qudra Holding will announce details of its planned AED 3.7 billion ($1 billion) initial public offering on March 2, the company's chairman said. Al Qudra Holding will sell 25% of its capital to U.A.E. and GCC nationals, with additional shares to be offered to foreign investors at a later stage, said Salah Salem bin Omeir Al Shamsi. Al Shamsi said 45% of the total value of the company will be retained by the founders. Another 30% of the total capital would be raised later.
what do you guys think if 3.7 billion ipo starts in the 1st week of march, the markets will go south ?
with additional shares to be offered to foreign investors at a later stage, said Salah Salem bin Omeir Al Shamsi.
That's disappointing .
Well, on the bright side, you could see that as a vote of confidence for Al Qudra. Maybe they expect demand to be so high, this is one way of restricting it. _________________ UAE IPO list | posting guidelines
what do you guys think if 3.7 billion ipo starts in the 1st week of march, the markets will go south ?
Yes, but it may not start week one of March - the statement from NBD says that's only when details are announced. _________________ UAE IPO list | posting guidelines
additional shares to be offered to foreign investors at a later stage
Dear SW,
It looks like
45% = Founders
25% = UAE and GCC Nationals
Remaining
30% = Is this exclusive for foreigners or will this be another scramble at a later stage ?
30% = Is this exclusive for foreigners or will this be another scramble at a later stage ?
It sounds like another IPO coming. Maybe for foreigners only but I'd be surprised if it was. See also the Al Qudra IPO date topic.
Reuters 20 February 2008:
Initially, the company is seeking to raise Dh3.7 billion ($1.01 billion), equivalent to 25 per cent of its share capital, Shamsi said.
NBD 25 February 2008:
Al Qudra Holding will sell 25% of its capital to U.A.E. and GCC nationals, with additional shares to be offered to foreign investors at a later stage, said Salah Salem bin Omeir Al Shamsi.
Oh what a surprise . Actually, I was surprised, I really thought Al Qudra were definite about their IPO this time.
Reuters 01 March 2008:
Abu Dhabi-based Al Qudra Holding (AlQudra) said on Sunday it was delaying what would have been the UAE's second-largest initial public offering (IPO), less than two weeks after announcing it would start raising $1 billion this week.
Al Qudra Holding plans to offer the UAE’s second largest IPO. It aims to raise around Dh3.7 billion to finance its expansion plans and raise its capital to Dh24.5bn.
The company will issue 55 per cent of its capital in new shares in phases. The first phase will start with around 25 per cent of the company’s shares, with each share valued at Dh1.
The company was established in 2005 as a private firm in Abu Dhabi with capital of Dh550 million and has made record profits.
It works currently in the market with Dh600m in capital. And its net operational profit is expected to rise from Dh703m in 2007 to Dh957m in 2008, Dh1.372bn in 2009 and Dh1.694bn in 2010. The last general assembly agreed to distribute 45 per cent of 2007 profit in cash to shareholders.
The company increased its subsidiaries from four to 30 and is active in the real estate, industry, transport and facilities sectors.
The company has announced it will carry out projects worth Dh150bn during the next few years, the most important of which are Dana Abu Dhabi, Desert Towers and Al Ain Al Faida.
The company won a Dh4.9bn contract for treatment of sewage water. This project is a first for Abu Dhabi Water and Electricity in the field of private sewerage projects.
Al Qudra Holding owns the Middle East’s biggest farm that produces organic vegetables. It was selected by the Higher Corporation for Specialised Economic Zones to set up a labour city in Al Ain accommodating around 22,000 workers, which will be completed within two years.
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
Disclaimer: Investing in stocks is risky, you can lose some or all of your money and/or other assets. Anything you read on this site should be regarded as the opinion of the author only and is not to be taken as advice to buy, sell, or hold stocks and/or any other investments. Seek professional advice and do your due diligence before making investment decisions. In particular, do not assume anything you read on this site is correct or accurate. You should accept that only you can be responsible for any investing decisions you make.
2008 FY
FAQ
Search
Print-friendly
Profile
Private messages
Register
Log in
? Did I read that right?
.
