Daman Investments to go public in 2012

Dubai: Daman Investments, a leading private sector investment management company based in the UAE has plans for an initial public offering (IPO) by 2012 as part of a new corporate strategy.

Daman's new strategy has been developed in anticipation of new opportunities likely to turn up when the UAE economy returns to growth, which is likely from late 2010.

The company has already attracted early strategic investment commitments to the tune of Dh100 million and is hoping for an additional Dh200 million in the next few weeks.

This new strategy is aimed at broadening the shareholder base of Daman Investments by inviting investments of new qualified investors for the first time since the company's establishment in 1998. The plan is being implemented in several stages over the next three years through several private rounds culminating in the launch of Daman's IPO.

Daman Investments managing director Shehab Gargash said, "We have taken a hard look at the markets and are confident that our long term, positive view is justified. We are proceeding to enhance our shareholder base through a studied and measured approach beginning earlier this year and culminating in an IPO by the end of 2012.

"The accomplishment of a successful IPO to be listed on one of the markets in the UAE is the clear and focused objective of Daman's medium-term strategy and all actions taken within the context of the strategic plan are geared towards the realisation of this objective. We are fully intent on bringing to fruition our ambition for Daman Investments to emerge as a leading Arab financial management firm in the wake of the global economic recession, growing within the region's rapidly evolving financial services industry."