EFG Hermes (HRHO) will manage the first Initial Public Offering (IPO) on the Abu Dhabi Financial Market in 4 years with Abu Dhabi Commercial Bank and HSBC, according to Economy Plus.

The Abu Dhabi government's Mubadala company will offer 30%-40% of its Al Yah Satellite Communications in an IPO.

Al Yah Satellite is likely to be listed in the third quarter of the year, EFG Hermes added.

Mubadala may offer between 731.9 and 975.9 million shares and they will be offered from June 27th to July 6th.

This is the first IPO on the Abu Dhabi Stock Exchange since the offering of the Abu Dhabi National Oil Company for Distribution in 2017, according to Reuters.

EFG Hermes reported a consolidated net profit of EGP 1.30 billion in 2020, compared to EGP 1.37 billion in 2019.

The listed company has a presence in the United Arab Emirates, Saudi Arabia, Kuwait, Jordan, Oman, and Pakistan. It operates in holding and treasury, brokerage, asset management, investment banking, private equity, leasing, microfinance, and assets held for sale.

 

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