DUBAI, Sept 8 (Nyongesa Sande) – UAE telecom operator du has announced the sale of more than 342 million shares previously held by Mamoura Diversified Global Holding, a unit of Abu Dhabi sovereign wealth fund Mubadala Investment Company, in a two-tranche public offering.
The sale represents 7.55% of du’s share capital and accounts for 75% of Mamoura’s total stake in the company. The price range has been set at AED 9.00 to AED 9.90 per share ($2.45–$2.69), with the final price to be determined through a bookbuilding process. Results will be announced on September 15.
The offering is divided into two tranches. The UAE retail offer, making up 5% of the total shares, is open to individual and corporate investors with a National Investor Number (NIN) registered with the Dubai Financial Market. The global offering, comprising 95% of the shares, will be available to qualified institutional investors in the UAE and select international jurisdictions. Both tranches will run from September 8 to 12.
Du stressed that the transaction will not dilute existing shareholders’ rights. Shares not sold in the offering will be subject to a 90-day lock-up period, except under certain customary waivers approved by the Joint Global Coordinators.
The Dubai Financial Market-listed company said the sale is expected to significantly boost du’s free float, expand its investor base, and enhance liquidity. The firm will hold a series of investor meetings in the coming days.
Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, and Goldman Sachs International are serving as Joint Global Coordinators and Bookrunners. Emirates NBD Bank is the Lead Receiving Bank, with additional support from Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank, Al Maryah Community Bank, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank, and Wio Bank.
Du, which offers mobile, fixed, ICT, network infrastructure, and fintech services, said the Mamoura stake sale reflects broader efforts to increase liquidity and strengthen participation in the UAE’s capital markets.