Saudi-listed real estate company, Dar Al Arkan, has reorganised its international company, Dar Global, via a direct listing on the London Stock Exchange.
Legal advisor, Norton Rose Fulbright, said the direct listing was the largest to take place on London’s stock exchange so far this year.
The transaction involved a 'complex corporate reorganisation' of the international assets of the Dar Al Arkan group.
Not only does the listing provide detailed separation and relationship arrangements between Dar Global and Dar Al Arkan as its majority shareholder, but a pre-listing private placement to new institutional and other investors raising $72 mln €67 mln) for Dar Global, giving a day 1 market capitalisation of $600 mln, and a direct listing on the main market.
Dar Al Arkan remains the majority shareholder of Dar Global after the listing, holding 88% of its share capital on admission.
Dar Global was originally set up to buy second home markets in internationally recognised luxury locations in Europe and the Middle East, including downtown Dubai, Muscat in Oman, the Costa del Sol in Spain, Central London and others.
It was revealed how the company wanted to expand globally in 2021. At the time, Ziad El Chaar, vice-chairman , said: ‘We are embracing the 2030 vision of Saudi Arabia to spread successful brands outside Saudi where we will be able to demonstrate what a Saudi brand can deliver … and will be a reflection of what we have in Saudi Arabia.’
Projects include gated complex, Sidra, in Bosnia, complete with a football academy.
