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Emirates NBD offloads Network International stake for Dh755m

Waheed Abbas/Dubai
Filed on November 13, 2019 | Last updated on November 13, 2019 at 04.34 pm
Emirates NBD, ENBD, Network International

Following the completion of sale, Emirates NBD will hold 28.6 million ordinary shares in Network International, representing 5.7 per cent of the firm's entire issued share capital.

Emirates NBD has offloaded more stake in payments process business Network International, raising GBP 160 million (Dh755.5 million) through sale of 31 million ordinary shares.

The Dubai-listed lender said in a statement that it sold shares to institutional investors by way of an accelerated book-build at a price of 515 pence per ordinary share.

Following the completion of sale, Emirates NBD will hold 28.6 million ordinary shares in Network International, representing 5.7 per cent of payments process business firm's entire issued share capital.

Citigroup, JP Morgan Securities and Morgan Stanley acted as joint book-runners.

Emirates NBD delivered a strong set of results for first nine months of 2019 with net profit up 63 per cent year-on-year to Dh12.5 billion. The results include Dh4.4 billion impact from the Network International transaction.

In September, Dubai's largest bank had sold 10.5 per cent, or 52.6 million shares at a price of 580 pence per share, to institutional investors, raising Dh1.38 billion in proceeds.

In April, Network International sold 200 million shares to raise $1.4 billion (Dh5.1 billion) in an initial public offering. Emirates NBD had confirmed the sale of 127 million ordinary shares its shareholding through a secondary listing of Network International's shares on the London bourse and to MasterCard.

waheedabbas@khaleejtimes.com


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