Today's Edition
A.SREENIVASA REDDY (ABU DHABI)
MAIR Group, an investment conglomerate operating over 100 retail stores under the ADCOOP and SPAR brands, is set to list directly on the Abu Dhabi Securities Market (ADX) on December 9.
Direct listing bypasses the traditional initial public offering (IPO) process for raising funds. Instead, it allows the company to list all existing shareholders' shares directly on the exchange.
According to the prospectus and other documents shared ahead of the listing, Mair Group boasts a diverse shareholder base of over 12,000 individuals. None of the shareholders hold more than 5% of the stake, as per a document on the ADX website.
Commenting on listing, Nehayan Al Ameri, MD & CEO of MAIR Group, said: "This listing represents a historic chapter for MAIR Group. Over decades, we have built a legacy deeply intertwined with the UAE's economic and social progress. Today, as we prepare to enter the financial markets with a direct listing on ADX, we are ready to amplify our impact, strengthen our foundations, and invite stakeholders to join our journey."
The group's extensive shareholder base stems from its origins in the cooperative movement within the UAE. Over time, it transitioned into a private entity and subsequently became a public joint-stock company.
Beyond retail, MAIR Group's portfolio includes significant real estate assets, managing 12+ shopping centres with 330,000 square metres of leasable space. Iconic properties such as the Mall of Al Ain and Makani Community Centres feature prominently in its holdings.
A company statement revealed that Mair Group distributed Dh135 million in dividends to shareholders in 2024, representing 12.11% of its share capital. It also recorded Dh1.2 billion in revenue during the first half of 2024.
Recently, MAIR Group consolidated seven retail brands under a unified identity, ADCOOP. This brand now encompasses Abu Dhabi Coop, Al Ain Coop, Al Dhafra Coop, Delma Coop, COOPS, Earth, and Mega Mart.
On October 3, 2024, the general assembly of Abu Dhabi Cooperative Society passed a resolution approving the conversion of Abu Dhabi Cooperative Society into a public joint stock company under the name "Mair Group PJSC."
At the annual general meeting held on October 7, shareholders approved a 1:20 stock split, increasing Mair Group's share count from 111.54 million to 2.23 billion. This reduced the par value per share from Dh10 to 50 fils, as disclosed in documents filed with the ADX.
The ADX confirmed that MAIR Group shares will trade under the ticker MAIR at a reference price of Dh1.16. The share price will be determined by market dynamics over the first three trading days under regulatory supervision.
