Depa eyes Dubai and London listings

Dubai: Interior contractor Depa on Wednesday said it will pursue a primary listing of its shares on the Dubai International Financial Exchange (DIFX) and a listing of global depositary receipts (GDRs), on the London Stock Exchange (LSE).

The Depa group of companies operates principally in the luxury fit-out sector with a focus on hospitality, commercial and residential property, airport, retail, yacht, theme and specialist fit-out sectors.

"It is expected that Depa will be the first privately owned UAE business to list on the DIFX," a company statement said.

Depa has achieved compound annual sales growth of 124 per cent over the last three years. It benefits from a diversified revenue mix from over 15 countries with 18.5 per cent of revenues derived outside the UAE.

Contract income in 2007 increased 35.5 per cent to Dh1.41 billion compared with Dh1.04 billion in 2006.

Net profit increased 72.2 per cent to Dh160.5 million from Dh93.2 million in 2006.

As a public company, Depa intends to pursue a progressive dividend policy.

"Depa will sell the shares and GDRs in a global offering to institutional investors and in the UAE, the shares will be offered to certain eligible residents and corporates with qualifying investment accounts in the UAE," the statement said.

The securities will be priced in dollars and established through a book-building process.

Morgan Stanley has been appointed global co-ordinator. Morgan Stanley and UBS investment bank have been appointed as joint bookrunners and joint lead managers.

Global Investment House and The National Investor have also been appointed joint lead managers and mashreq has been appointed lead receiving bank.