Dubai: Shares of Marka reversed early gains to fall more than a per cent a day after the company said it plans to acquire 4-6 profitable acquisitions in the near term.
Marka shares ended at Dh1.35, down more than 1.46 per cent after rising as much as Dh1.40. Shares shed more than 2 per cent in the previous session. The Dubai Financial Market general index ended 0.26 per cent lower.
The company has signed 15 lease agreements representing a combined total of more than 45,000 square feet of retail space.
For 2015, Marka plans to launch more than 25 outlets including UEFA Champions League Experience, Cristiano Ronaldo’s CR7 Footwear, Essentiel Antwerp among others.
The company posted a loss of Dh13.58 million in the fourth quarter to December last year due the one-time costs associated with establishing a new businesses and attracting various brand portfolio as part of the long-term business plan.
“Looking ahead, and as we finalise the acquisition of Retailcorp, I am confident in our forecast of being in profit in 2015 — 18 months ahead of our IPO prospectus objective,” said Khaled Almheiri, Vice Chairman of Marka.
Marka is a Dubai-based retail operating company that is committed to partnering with exciting, world-renowned and local brands across sports, fashion and hospitality.
