UAE’s first private company to list on DIFX

26 March 2008
Depa, a UAE-based interior decoration company, has said it will list on the Dubai International Financial Exchange (DIFX), making it the country’s first private company to list on the exchange.

A secondary listing of Global Depository Receipts (GDRs) will occur on the London Stock Exchange (LSE). To date all the UAE-based companies on the exchange have been government-owned ones.

Morgan Stanley has been appointed global coordinator of the initial public offering (IPO) and will also act as bookrunner and joint lead manager with UBS.

The offering will be priced in dollars, although it has not been reveled how much the company hopes to raise. Proceeds will be used for international expansion and acquisitions.

Depa is primarily involved in the fit out of luxury developments, including hotels, homes, yachts and aircraft. The company made a profit of $1.4bn in 2007, an increase of 35 per cent on 2006. Depa projects include the Burj al Arab, Burj Dubai, and Emirates Towers, all in Dubai, and it also works with hotel chains the Four Seasons, Fairmont, and InterContinental.

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