MENA Land PLC First Day of Dealings (8825V)
11 Abril 2019 - 2:01AM
UK Regulatory
TIDMMENA
RNS Number : 8825V
MENA Land PLC
11 April 2019
MENA Land PLC
(the "Company")
First Day of Dealings
MENA Land PLC, which is focused on making acquisitions in the
real estate sector in the United Arab Emirates ("UAE"), announces
that its entire ordinary share capital, consisting of 1,000,000
Ordinary Shares of GBP1.00 each, has today been admitted to the
Standard Listing segment of the Official List of the UK Listing
Authority and to trading on the London Stock Exchange's main market
for listed securities under the following TIDM: MENA and ISIN:
GB00BFZN8V50.
Dealings in the Company's shares will commence on the Main
Market at 8.00 a.m. BST today ("Admission").
On Admission, the Company will own no assets other than cash on
bank deposit of approximately GBP710,000 representing an initial
equity investment of GBP1,000,000 less expenses incurred in
relation to Admission.
The prospectus prepared by the Company in connection with
Admission is available on the Company's website at
www.mena-land.com and is available on the National Storage
Mechanism at http://www.morningstar.co.uk.
Philip Chamberlain, Chairman, commented:
"The listing of our shares on the Main Market of the London
Stock Exchange is the first step in our objective of developing a
leading real estate business focused on the UAE. We look forward to
identifying exciting assets for MENA Land to acquire."
Enquiries:
MENA Land PLC www.mena-land.com
John-Paul Etheridge 00 971 50 454 2608
About the Business
The Company's strategy is to seek to acquire and develop a
market leading real estate business through acquisitions of land
and real estate assets in the UAE.
Its initial focus will be Dubai and it will purchase properties
as investments, generally with a view to leasing them for rental
income.
Sector Opportunity
The UAE real estate sector remains one of the fastest growing
real estate markets across the world, despite the recent slowdown
in economic growth in the region due to oil price fluctuations.
Whilst rental rates and sale prices have generally softened over
the last three years, they have remained relatively stable, which
reflects the real estate market's maturity and the improved
regulatory environment in the UAE. Despite a volatile stock market
and geopolitical uncertainty, the sector remains resilient and is
expected to register growth at a steady pace beyond 2018.
Following Admission, the Directors will draw on their sector
experience, in conjunction with their advisers' and shareholders'
contacts and relationships, to identify suitable targets within the
real estate sector. There is no specific expected target valuation
or size for an Acquisition. Acquisitions will be negotiated with
vendors and may be for cash or equity and accordingly may require
the raising of additional external capital which will be a
combination of equity, cash and/or debt, on a deal by deal
basis.
The Company does not currently have any specific acquisitions
under formal consideration and has not engaged in negotiations for
any target asset, but the Company is aware of a number of potential
targets based in the UAE for consideration after Admission.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
LISLIFERSTILLIA
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