|05 September, 2019

Dubai's Emirates NBD confirms sale of shares in Network International

The bank said that the sale of shares is by way of an accelerated bookbuild to institutional investors at a price of 580 pence per ordinary share

Emirates NBD head office building is seen on Baniyas Road in Deira. Image used for illustrative purpose.

Emirates NBD head office building is seen on Baniyas Road in Deira. Image used for illustrative purpose.

REUTERS/Jumana El Heloueh

Emirates NBD, Dubai’s largest lender, which holds more than 20 percent stake in Network International has confirmed the sale of an aggregate of 52.6 million ordinary shares in the share capital of the payment processor.

The bank executed the sale of shares via an accelerated bookbuild to institutional investors at a price of 580 pence per ordinary share.

Dubai-based Network International is the largest payments processor in the Middle East and Africa and went for the first international IPO in London in April.

“Following the completion of the Placing, Emirates NBD Bank will hold 59.7 million ordinary shares in the share capital of Network International, representing approximately 11.9 percent of Network International’s entire issued share capital,” Emirates NBD said in a statement to Dubai Financial Market.

Data from Refinitiv’s Eikon shows that Emirates NBD owned 112.23 million shares in Network International before the share sale announcement, or 22.45 percent of Network International’s capital.

The bank will raise GBP 304.9 million (1.37 billion dirhams) from the sale, and Network International will not receive any proceeds from the placing, the statement said.

Citigroup Global Markets Limited, Morgan Stanley & Co. International PLC, J.P. Morgan Securities PLC and Emirates NBD Capital Limited acted as Bookrunners in connection with the Placing.

(Reporting by Gerard Aoun; Editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

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