First Day of Dealings
11 April 2019
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 £1.00 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 £710,000 representing an initial equity investment of £1,000,000 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."
|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.
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.