Page 216 - ALEF EDUCATION PR REPORT MAY 2024

Alef Education Holding

announces intention to list on

ADX

ANI
20th May 2024, 20:18 GMT+10
Abu Dhabi [UAE], May 20 (ANI/WAM): Alef Education Holding plc announced its
intention to proceed with an Initial Public Offering (IPO) and listing of its ordinary
shares for trading on the Main Market of the Abu Dhabi Securities Exchange
(ADX).
Alef Education is indirectly majority owned by Abu Dhabi Capital Group (ADCG),
one of the largest private institutional investment groups in the Middle East and
North Africa with a portfolio spanning multiple asset classes, industries, and
geographies.
The selling Shareholders expect to sell 20 per cent of the total issued share capital
of Alef Education (equivalent to 1,400,000,000 shares). All shares are existing
shares being sold by the Selling Shareholders, Tech Nova Investment - Sole
Proprietorship LLC and Kryptonite Investments LLC and the Company will not
receive any proceeds from the Offering.
The First Tranche offer (Individual Investors and other investors, including
natural persons, companies and establishments as defined in the UAE Prospectus)
subscription period is expected to run from May 28 to June 4, 2024.
The Second Tranche offer (Professional Investors as defined in the UAE
Prospectus) subscription period is expected to run from May 28 to June 5, 2024.
The Internal Shariah Supervision Committee of First Abu Dhabi Bank PJSC has
issued a pronouncement confirming that, in their view, the Offering is compliant
with Shariah principles. Investors should undertake their own due diligence to
ensure that the Offering is Shariah-compliant for their purposes.
The Selling Shareholders reserve the right to amend the size of the Offering at any
time before the end of the subscription period, subject to applicable laws and the
approval of the Securities and Commodities Authority (SCA) in the UAE.
Admission of shares to trading on the ADX is anticipated to occur on or around
June 12, 2024.
Commenting on the announcement, Abdulhamid Mohammed Saeed Alahmadi,
Chairman of Alef Education's Board of Directors, said, "Our successful track record
of growth, underpinned by the value we provide and the trust we have built with
international governments, customers, and partners - including ADEK - has
culminated in this milestone moment.

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