The Board of Directors of Dar Al Arkan Real Estate Development has announced its intention to list its Dubai-based international company, Dar Global, in the core listing segment of the Official List of the United Kingdom's Financial Conduct Authority ('FCA') and the Main Market of the London Stock Exchange ('LSE').
The company said in a statement on Tadawul that the proposed listing will include the restructuring of Dar Global and subject to approvals by the FCA and the London Stock Exchange following the disclosure of the prospectus approved by the FCA in relation to Dar Global.
Prior to the listing, Dar Al Arkan Real Estate Development will offer a minority stake of approximately 12% of its stake in Dar Global via an initial issuance of new ordinary shares by the new UK company that will be listed in the UK/Dar Global to qualified investors through a private placement, with Dar Al Arkan retaining the remaining controlling stake of 88%.
Following the listing, Dar Global will be the British holding company for the Group's international real estate development and marketing offices in the UK, Spain, UAE, Oman, Qatar, Bosnia and China.
The listing is expected to take place in the first quarter of 2023 following the completion of the private placement and receipt of the required regulatory approvals from the UK.
