Dar Alarkan expects listing subsidiary in London Exchange ‎during Q1‎

Further to the announcement published on 6th November 2022, the Board of Directors of Dar Al Arkan Real Estate Development Company is pleased to announce its intention to pursue a separate direct listing of its Dubai-based international company (Dar Al-Arkan Real Estate Development) after renaming it “Dar Global” Group on the standard listing segment of the Official List of the UK Financial Conduct Authority (“FCA”) and to the London Stock Exchange’s main market for listed securities (“LSE”).

The proposed Listing will involve a corporate re-organization of Dar Global company and is subject to FCA and London Stock Exchange approvals and the disclosure of an FCA-approved prospectus in respect of Dar Global.

Prior to the Listing, Dar Al Arkan Real Estate Development will divest a minority stake of approximately 12% of its equity interest in Dar Global by way of a primary issuance of new ordinary shares by the new British company to be listed in the UK / Dar Global to qualified investors via a private placement, with retaining Dar Al Arkan the remaining 88% controlling interest.

Following the Listing, Dar Global will be the UK holding company of the Group’s international property development interests and marketing offices in the UK, Spain, UAE, Oman, Qatar, Bosnia and China.

Subject to the completion of the private placement and obtaining the required UK regulatory approvals, the Listing is expected to occur in Q1 2023.