Page 64 - ALEF EDUCATION PR REPORT MAY 2024

resulting in a total Offering size of between AED 1.82 billion (US$ 496 million) and AED
1.89 million (US$ 515 million). The final offer price is expected to be announced on 6
June 2024.

All Shares are existing shares being sold by the Selling Shareholders, Tech Nova
Investment – Sole Proprietorship L.L.C and Kryptonite Investments L.L.C and the

Company will not receive any proceeds from the Offering. The Selling Shareholders
reserve the right to amend the size of the Offering and the size of any Tranche at any
time prior to the end of the subscription period at their sole discretion, subject to the

applicable laws of the UAE and the approval of the SCA in the UAE.

Following the Offering, and subject to the size of the Offering not being increased, Tech
Nova Investment – Sole Proprietorship L.L.C and Kryptonite Investments L.L.C will hold
shareholdings of 68% and 12%, respectively. Pursuant to an Underwriting Agreement
entered into between the Company, the Selling Shareholders and the Joint Lead

Managers, the shares held by the Selling Shareholders following the listing shall be
subject to a lock-up from the date of the Underwriting Agreement up to and including
180 days from the listing, subject to certain terms and conditions.

Dividend Policy

Alef Education intends to maintain a dividend policy designed to maximise shareholder

value and reflect its strong earnings potential and cash flow generation, while allowing it
to retain sufficient capital to invest in its long-term growth (including strategic
acquisitions).

Always subject to Board of Directors, general assembly approval, and factors detailed
below, Alef Education:

• Intends to adopt a semi-annual dividend distribution policy to pay cash dividends
after the Offering twice each financial year, with an initial payment of the first-half
results being paid in the fourth quarter of that year and a second payment
following second-half results being paid in the second quarter of the following

calendar year.
• Expects to pay a minimum dividend payout ratio of 90% of the net profit
generated for both financial years 2024 and 2025.

https://www.zawya.com/en/press-release/companies-news/alef-education-holding-plc-
announces-the-offer-price-range-and-start-of-subscription-period-for-its-initial-public-offering-
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