Emirates Integrated Telecommunications Company (du) has launched a secondary public offering for a 7.55% stake, with shares being sold by Mamoura Diversified Global Holding, a wholly-owned subsidiary of Mubadala Investment Company. The move is designed to significantly increase the telecom operator’s free float and boost trading liquidity on the Dubai Financial Market (DFM).
By The Numbers
- Stake Offered: 7.55% of du’s share capital
- Number of Shares: Up to 342,084,084
- Price Range: Dhs 9.00 – Dhs 9.90 per share
- Seller: Mubadala Investment Company (via Mamoura)
Offering Details
The transaction will see Mubadala sell up to 75% of its total holding in the company. The final offer price will be determined through a bookbuilding process and is scheduled to be announced on September 15, 2025. As this is a secondary offering of existing shares, du will not receive any proceeds from the sale.
The offering is structured in two tranches:
- UAE Retail Offering: Comprising 5% of the offered shares.
- Global Institutional Offering: Comprising the remaining 95% of the shares.
Strategic Rationale: Boosting Liquidity and Redeploying Capital
The share sale serves strategic goals for both du and Mubadala. For du, the increased free float and trading liquidity are expected to broaden its investor base and support its potential inclusion in major international indices. Fahad Al Hassawi, CEO of du, stated that the offering would “broaden the investor base and stimulate liquidity.”
For Mubadala, the transaction represents an opportunity to recycle capital while supporting the next phase of du’s growth. Dr. Bakheet Al Katheeri, CEO of Mubadala’s UAE Investment Platform, described the deal as a “milestone for UAE capital markets.”
Key Dates for Investors
- UAE Retail Subscription Period: September 8 to September 12, 2025.
- Final Offer Price Announcement: September 15, 2025.
- Expected Trading on DFM: September 16, 2025.
Retail investors will be guaranteed a minimum allocation of up to 500 shares.
About the Companies
Emirates Integrated Telecommunications Company (du) is one of the two primary telecommunications operators in the United Arab Emirates. Mubadala Investment Company is a sovereign investor managing a global portfolio of assets on behalf of the Government of Abu Dhabi.
Looking Ahead
This significant secondary offering highlights the increasing dynamism and maturity of the UAE’s capital markets, where major state-linked entities like Mubadala are actively managing their portfolios. For du, a larger and more liquid public float is likely to attract greater interest from international institutional investors, potentially enhancing its market valuation and solidifying its position as a key blue-chip stock on the DFM.
Source: Gulf Business
