Economy News – Follow-Up
Alpha Data Company for Emirati Technology Services has announced its intention to list its shares on the Abu Dhabi Securities Market. The company plans to offer 400 million shares, representing 40 percent of its total capital, at a nominal price of 0.03 dirhams per share.
As stated in the company’s official release, all shares being offered are owned by existing shareholders, namely Bin Hammouda and Albini Investment Company. These shareholders reserve the right to modify the offering size and any related segments at their discretion before the conclusion of the subscription period, in accordance with applicable laws and pending the approval of the Securities and Commodities Authority in the United Arab Emirates.
The subscription period is scheduled to commence on Thursday, February 20, 2025, and will close on Tuesday, February 25, 2025, for individual investors and professional investors in the UAE.
The final offering price will be established through the order book process during the subscription period, with shares anticipated to begin trading on the Abu Dhabi Securities Market in March 2025.
“Launching our shares for initial public subscription is a significant step for us, allowing us to bolster our achievements and strengthen our position as a leading provider in digital transformation,” stated Mohamed Omran Al Shamsi, Chairman of the Alpha Data Board.
Fayez Albini, Founder and CEO of Alpha Data, noted that since the company’s inception in 1981, Alpha Data has consistently developed and achieved remarkable growth, currently collaborating with over 2,200 institutions across both public and private sectors, including various government agencies. The company’s geographical presence has expanded to include the Kingdom of Saudi Arabia and Qatar.
Alpha Data’s capital, as detailed in the subscription bulletin for the public offering, is set at 30 million dirhams, divided into one billion shares, each with a nominal value of 0.03 dirhams, all of which are fully paid.
In the year 2024, Alpha Data reported a net profit of 127 million dirhams, alongside revenues totaling 2.32 billion dirhams.
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