W Motors to deposit shares in Nasdaq Dubai CSD
Dubai-based W Motors on Monday teamed up with Nasdaq Dubai to accelerate its expansion in the Middle East region.
The manufacturer of high-performance luxury hypercars has become the first private company to deposit its shares in Nasdaq Dubai's Central Securities Depository (CSD). Joining the CSD enhances W Motors' links to investors and can be a step on the route towards a variety of financing solutions. The CSD looks after shares on behalf of their owners in a trusted environment and facilitates share transfers between investors.
As well as creating the Lykan HyperSport and Fenyr SuperSport, W Motors has worked on expanding its offering to include an ultimate policing solution, the Ghiath. Designed in-house by W Motors' highly skilled Special Projects Division, the first Ghiath vehicle is currently being used by Dubai Police. W Motors has also recently launched its autonomous driving program, with the first UAE self-driving car presented earlier this year at the Shanghai Auto Show, in line with its plans of further developing the mobility sector in the UAE and the region.
Ringing the market-opening bell at Nasdaq Dubai to celebrate the occasion, Ralph R. Debbas, founder and CEO of W Motors, said: "Aligning our brand with Nasdaq Dubai is a significant step for us in line with our expansion plans, our imminent Automotive Facility launch, and the development of our upcoming models as well as the development of our electric and autonomous divisions. The Nasdaq Dubai CSD for us is a strategic step in line with the announcement of our upcoming private capital raise, as we pursue our mission to bring next-generation automotive technology to the region and develop its talent base. Nasdaq Dubai's respected share hosting infrastructure and high international profile will enhance our relationship with investors as we implement the next phase of our development."
Set to become the first of its kind in the Middle East, W Motors 120,000sqf Automotive Facility will see Debbas's vision of driving forward the region's automotive industry become reality. Production of all W Motors vehicles will move to this location including the limited series Fenyr SuperSport, upcoming new vehicles, electric and autonomous models as well as all the vehicles under the company's Special Projects Division.
Transfers of ownership of all shares in W Motors Automotive Group Holding will take place securely in Nasdaq Dubai's CSD. Trading will take place off-exchange and W Motors remains a privately held company.
Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said: "We are delighted to provide W Motors and its shareholders with the benefits of the CSD, including high global visibility and a first class regulatory framework. The facility is ready to host the shares of privately held companies from a wide variety of sectors and geographies that seek a relationship with the international exchange based in the region."
Hamed Ali, chief executive of Nasdaq Dubai, said: "The arrival of shares of one of the world's most exciting and high-profile car companies on Nasdaq Dubai's CSD is a step forward in the region's ability to provide cutting edge businesses with solutions to help them engage with investors and expand. The CSD provides streamlined processes for companies that can be a first step along the route towards raising funds as a public company at the appropriate time."
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