The Dubai Electricity and Water Authority (Dewa) is to float 6.5% of its shares in an initial public offering (IPO) on the Dubai Financial Market (DFM). Dewa announced the move on 15 March, after having stated it plans for an IPO in November 2021 (MEES, 12 November 2021). The listing is planned for 12 April.
Dewa did not indicate how much it expects to raise through the listing of 3.25bn shares in the offering. It says that over the next five years it “expects to pay a minimum dividend amount of AED6.2bn [$1.69bn]” each year, which is a substantial increase on recent payments. Moody’s says that dividend payments to the government of Dubai were AED1.5bn [$410mn] in 2020 and AED4.5bn [$1.23bn] in 2019. Dividends will be paid twice annually. (CONTINUED - 742 WORDS)
