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Depa plans Dubai, London listing

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Date: Wednesday 26 Mar 2008

LONDON (ShareCast) - Dubai-based interiors contractor Depa plans to list its global depositary receipts on the London Stock Exchange and its shares on the Dubai International Financial Exchange.

The group, which operates principally in the luxury fit-out sector, said it intends to use the proceeds of the offering to establish new joineries and finance acquisitions.

“The listing is the next step in our development as we look to exploit strong expansion opportunities across the fast growing developing countries of the MENA and South Asia region,” said chairman Abdullah Al Mazrui.

“Economic growth has fuelled the number of construction projects in the hospitality, residential and commercial property sectors and this gives us a highly visible and high quality project pipeline. Consequently we see this as an appropriate time to approach both regional and international investors to participate in that opportunity and our company's future,” he added.

Morgan Stanley has been appointed as global co-ordinator, while Morgan Stanley and UBS have been named joint bookrunners and joint lead managers.