Damac to list on DFM starting tomorrow

11.01.2015
The developer offered 23.08 shares in its holding company for each GDR held in Damac Real Estate Development Co (DRED) in an offer that closed last Friday.
Dubai's Damac will list on the Dubai Financial Market (DFM) on Monday, a bourse spokesman said, after the developer offered holders of its London-listed global depository receipts (GDRs) shares in its holding company instead. Damac in December received approval from the United Arab Emirates' Securities and Commodities Authority to list on the DFM, according to a filing to the London Stock Exchange. The developer offered 23.08 shares in its holding company for each GDR held in Damac Real Estate Development Co (DRED) in an offer that closed last Friday. "We believe that the DFM listing would provide a good boost to DAMAC's stock profile," Naeem Brokerage wrote in a note. "In general, it does make financial sense for companies to be listed in markets where they operate, and importantly, the move should help improve the stock's liquidity and attract more retail investors."

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