Dubai sovereign fund to sell 20% stake in Alec

Alec Holdings, a diversified engineering and construction group, on Monday said it would list 20 per cent of its share capital on the Dubai Financial Market through an Initial Public Offering, with the Investment Corporation of Dubai (ICD) selling its stake.

- Waheed Abbas [e-mail]

Dubai's sovereign wealth fund ICD is offloading one billion ordinary shares, and the company will list on the Dubai Financial Market (DFM) on or around October 15.

ICD will retain 80 per cent of Alec's remaining stake.

The offering subscription period is expected to run from September 23 to September 30, 2025.

In the first tranche, shares will be made available to individual subscribers; professional investors in the second tranche; and Alec and ICD-eligible employees in the third tranche.

The first tranche is allocated 5 per cent of the offer shares, amounting to 50 million. Each subscriber in the first tranche will be guaranteed a minimum allocation of 2,000 shares, provided that the total number of shares issued under the minimum guaranteed allocation does not exceed the Tranche size and remains within the limits and conditions set out in the Prospectus.

The second tranche is allocated 94 per cent of the offer shares, amounting to 940 million shares.

The third tranche is allocated one per cent of the shares offered, amounting to 10 million shares.