Subscription was due to begin on 14 August for the initial public offering (IPO) in the recently established Arabian Technical Construction Company (ATCC). Investors will be offered 220 million shares, or 55 per cent of the joint stock company's shareholding capital of AED 400 million ($109 million). The minimum subscription is 100,000 shares at AED 1 ($0.38) per share. The offer will be open to both local and international investors and will close on 23 August.
The founding shareholders of ATCC will retain a 45 per cent stake in the venture, or 180 million shares. They are Sheikh Butti bin Maktoum bin Juma al-Maktoum, Riad Kamal, Hussain al-Nowais, Thomas Barry, Sheikh Sultan bin Saqr al-Qassimi, Ahmed Khalfan al-Dhaheri, Sheikh Nawaf bin Nasser al-Thani, Raja Ghanma, Grigoris Cristofides, Dubai-based Abraaj SPV 6and the local Al-Mazroui Holding Company. Dubai-based Shuaa Capitalis acting as the lead manager and bookrunner for the IPO. Dubai Bank, Emirates Bank International, Mashreqbankand National Bank of Fujairahare the appointed receiving banks. The founders of ATCC have agreed to acquire Arab Technical Construction Company (Arabtec)for AED 400 million ($109 million). The company has an order book valued at AED 3,100 million ($845 million), which includes the recently signed AED 1,600 million ($436 million) contract to build 13 towers on Jumeirah Beach Residence. In a prepared statement, ATCC said Arabtec expects soon to sign contracts valued at AED 400 million ($109 million).
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