Sunday, Jun 24, 2012
DUBAI (Zawya Dow Jones)--Daman Investments, a Dubai-based financial services firm, has raised about 100 million U.A.E. dirhams ($27.2 million) in a capital increase as it moves toward an initial public offering, the company said in an emailed statement Sunday.
Daman, which has asset management, brokerage and development capital units, said the new shares it issued in a private placement represented 22.7% of the company's capital base. The AED170 per share investors paid represented a 70% premium on their nominal price, valuing the company at about AED440 million.
Total issued shares rose from 2 million to 2.59 million as a result of the capital increase.
"Daman Investments continues to eye launching a future initial public offering based on improved market conditions," Shehab Gargash, the company's chief executive, said. The company would be listed on one of the U.A.E.'s stock markets, he added.
Founded in 1998, Daman wants to become a "leading Arab financial management firm, growing with the region's rapidly evolving financial services industry," Mr. Gargash said.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
24-06-12 0913GMT
