Emirates Integrated Telecommunications Company, known as du, announced a significant share sale on Monday, offering over 342 million shares at a nominal value of Dh1 each. This represents 7.5467% of du’s total issued shares and is being conducted by Mamoura Diversified Global Holding, a key shareholder in the UAE’s second-largest telecom operator. The share price is set between Dh9 and Dh9.90 per share, aiming to raise between Dh3.078 billion and Dh3.386 billion from the offering, as detailed in the prospectus released to local media.
The strategic move comes as du reported a 15% increase in profit for the first half of 2025, recording Dh921 million, up from Dh801 million in the same period last year. With the current share price standing at Dh9.90 as of last Friday, the offering has drawn significant attention from both retail and institutional investors eager to participate in the telecom giant’s growth trajectory. Notably, Mamoura’s stake will reduce from 10.0622% to 2.5156% if the offering is fully subscribed, while the Emirates Investment Authority (EIA) retains its controlling 50.1164% stake.
The share sale follows a two-tranche structure. The first tranche allocates five percent of the offering (approximately 17.104 million shares) to retail investors, guaranteeing a minimum allocation of up to 500 shares per subscriber. Each retail investor must apply for a minimum of Dh5,000, with increments of Dh1,000 allowed thereafter. The second tranche, covering the bulk of the shares (around 324.979 million shares or 95% of the offer), is reserved for institutional investors, with a minimum subscription of Dh5 million per entity.
The subscription period will run from September 8 to September 12, 2025. Investors can participate through authorized channels, including the Dubai Financial Market (DFM) and various banking platforms such as Emirates NBD, Abu Dhabi Commercial Bank (ADCB), First Abu Dhabi Bank (FAB), and Dubai Islamic Bank (DIB). Emirates NBD serves as the lead receiving bank, while joint lead managers include Abu Dhabi Commercial Bank, Emirates NBD Capital, and First Abu Dhabi Bank.
This strategic offering is part of du’s ongoing efforts to strengthen its market position and provide greater flexibility in ownership while fueling further investment in the telecom sector. As the UAE’s telecommunications market continues to evolve, the industry’s role in supporting digital transformation and economic growth remains pivotal.
