Dubai's biggest bank confirms sale of an aggregate of 52.6 million ordinary shares in Network International
Emirates NBD, the largest bank in Dubai, has confirmed the sale of an aggregate of 52.6 million ordinary shares in the share capital of UAE-based payments firm Network International.
The bank, which holds more than 20 percent stake in Network International, said in a statement that it executed the sale of shares via an accelerated bookbuild to institutional investors at a price of 580 pence per ordinary share.
“Following the completion of the placing, Emirates NBD Bank will hold 59.7 million ordinary shares in the share capital of Network International, representing approximately 11.9 percent of Network International’s entire issued share capital,” Emirates NBD said in a filing to Dubai Financial Market.
The bank will raise AED1.37 billion ($370 million) from the sale, and Network International will not receive any proceeds from the placing, the statement said.
The bank added that Citigroup Global Markets Limited, Morgan Stanley & Co International, JP Morgan Securities and Emirates NBD Capital Limited acted as bookrunners in connection with the placing.
Last month, Network International said it delivered 9.3 percent growth in the Middle East in the first six months of 2019, driven by increased total volumes, transaction growth and diversification provided by new products and services.
The payment solutions provider raised $1.4 billion – the biggest listing in Europe this year - from an initial public offering (IPO) in April.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.