A dual listing is when a particular security is listed on more than one stock exchange – in this case, the Abu Dhabi Securities Exchange (ADX) and the Saudi Exchange. Once listed, it will be possible for investors on both exchanges to trade the Company’s shares.
A dual listing is an attractive option for Americana Restaurants because the business has a regional presence, with a significant operational footprint in the UAE and Saudi Arabia, and with major shareholders located in both markets. By listing its shares on both ADX and the Saudi Exchange, the Company expects to benefit from the increased liquidity and depth of these two leading regional capital markets.
Because the shares of the Company will be fully fungible, investors on both ADX and the Saudi Exchange will be able to transfer them between markets, providing that they are eligible to invest in each respective market and hold a National Investor Number (“NIN”) in both the UAE and Saudi Arabia and depository accounts with both ADX and Edaa (the Saudi central securities depositary). This enables investors to take advantage of greater liquidity in the shares and extended trading times.
Through the dual listing, the same Company will be listed in both the UAE and Saudi Arabia, with the shares available for trading on both ADX and the Saudi Exchange. The dual listing does not mean that a specific part of the business will be listed in either market.
Through the dual listing, the same Company will be listed in both the UAE and Saudi Arabia, with the shares available for trading on both ADX and the Saudi Exchange. The dual listing does not mean that a specific part of the business will be listed in either market. Americana Restaurants is registered and licensed to operate its business in both the UAE and Saudi Arabia, among a number of other countries.
The Company has published both a UAE Prospectus approved by the UAE Securities and Commodities Authority (SCA) and a KSA Supplement (approved by the Capital Market Authority, Saudi Arabia). Both are available on the IPO Microsite.
The Company will disclose material information in both the UAE and Saudi Arabia through the formal communication channels of ADX and the Saudi Exchange, and in full compliance with the regulations applicable to listed companies in both countries.
Should the Company pay dividends, the dividend will be paid to eligible shareholders in either AED or SAR, depending on the market in which the shares are held as of record date. Shareholders holding shares on ADX will be paid dividends in AED and shareholders holding shares on the Saudi Exchange will be paid dividends in SAR.
Yes.
Yes, the Company needs to comply with regulations for listed companies both in the UAE and in KSA, subject to the exemptions granted and other inapplicable provisions, as detailed in the UAE Prospectus and in the KSA Supplement.
Americana Restaurants’ shares will be quoted in AED on ADX and in SAR on the Saudi Exchange.
The shares will have the following ISIN: AEE01135A222 on both ADX and Saudi Exchange.
The ticker will be different in both the markets following the respective markets classification requirements.
On the Saudi Exchange the company will have the Trading Name: Americana and Trading Code: 6015
On ADX , the company will have the Ticker code AMR
On the Saudi Exchange, Americana Restaurants has, in accordance with the GICS (Global Industry Classification Standard), been assigned to the Sector – Consumer Discretionary – and within this sector to the Industry Group: Consumer Services.
On ADX , Americana Restaurants will be registered accordance to Industry Classification Benchmark (ICB) Classification under industry sector: Consumer Discretionary.
All shares will hold the same economic, voting and other rights. The shares are therefore fully fungible and can be transferred between exchanges by investors who are qualified to invest in both the UAE and Saudi Arabia. Investors who wish to transfer their shares between exchanges must hold a National Investor Number (“NIN”) and depository accounts with both ADX and Edaa. The movement of shares between ADX and the Saudi Exchange is restricted to the same beneficial owners only. Please refer to the detailed transfer process including cut-off timeline provided on the IPO Microsite.
On the first day of trading, trading in Americana Restaurants’ shares is expected to commence on ADX at 11:00am UAE time, and simultaneously at 10:00am Saudi time following completion of the opening auction process in each market and to allow for a one-hour time difference. The close of trading hours on the respective exchanges will remain unchanged.
Thereafter, trading in the stock will be as per the normal trading hours of the respective exchanges. For ADX, trading in the continuous session commences at 10:00am (UAE time) and end at 3:00pm (UAE time); and for the Saudi Exchange trading in the continuous session commences at 10:00am (Saudi time) and end at 3:00pm (Saudi time). Both exchanges are closed on their local public holidays.
No. Post listing, the company’s shares will trade on the Saudi Exchange from Sunday to Thursday and on ADX from Monday to Friday, and trading will not occur on Public Holidays in the market where that Public Holiday is taking place.
The share price in both AED and SAR will be the same at the time of listing (i.e. the IPO price), after accounting for the prevailing exchange rate. Post-listing, ADX and the Saudi Exchange have different trading days and hours, trading characteristics (including trading volume and liquidity), trading currency, trading rules and investor bases. As a result of these differences, the trading price of the Shares on ADX and the Saudi Exchange may not be the same at any given time, but it is expected that the share price will be the same on both markets. The shares will be priced in AED for ADX shares and SAR for the Saudi Exchange shares.
For ADX the shares will be cleared by the clearing function of ADX and for the Saudi Exchange by the standard trade clearing and settlement process through Muqassa and Edaa. In the case of both markets, shares are cleared based on the existing process for any other listed security.
Investors opting to hold their shares through ADX need to settle in AED via one of the Joint Global Coordinators (“JGCs”) for the Institutional Tranche (Tranche 2) and pre-fund with one of the participating receiving banks in the UAE for the UAE Retail Tranche (Tranche 1). Investors opting to hold their shares through Edaa (the Saudi central securities depositary) need to settle in SAR via SNBC as lead manager for the Institutional Tranche (Tranche 2) and pre-fund with one of the participating receiving banks in Saudi Arabia for the KSA Retail Tranche (Tranche 3).
For trading on ADX, the brokerage firm will validate the following:
For trading on the Saudi Exchange, the Exchange Member (broker) has the obligation to validate the following:
The Saudi Exchange does not conduct any central pre-trade validation, it is solely the responsibility of the Executing Broker.
For standard trade settlement through Edaa, the Broker and if relevant the Custodian of the client will apply as with any other listed security on the exchange.
As a foreign company listed on the Saudi Exchange and on ADX, Americana Restaurants may be owned 100% by foreign shareholders.
If a shareholder holds shares on both ADX and the Saudi Exchange, they will be eligible to receive dividends for each share they hold on either exchange as of the record date.
The Daily Price Fluctuation Limit of ±30% (which is normally applicable to newly listed companies on the Saudi Exchange) will not apply to Americana Restaurants’ shares during the first three trading days – therefore, the price fluctuation will not be subject to any limits in the first three trading days, in alignment with what is applicable in the ADX. However, after the first three trading days, the shares listed on the Saudi Exchange and on ADX will be subject to the normal fluctuation limits that apply to all shares listed on the relevant exchange.
Before 12:00 noon UAE (11:00 Saudi Arabia), submit a “share transfer request form” to ADX directly or via broker / custodian. If the request is accepted and confirmed by Edaa, the shares will be transferred on the same day and the broker or custodian will inform the investor of the successful transfer of shares. Transfer requests placed after 12:00 noon UAE time will be processed on the next common working day. Requests placed on a Friday with ADX will be processed on the following Monday. Same day transfer will take place only on common working days of ADX and the Saudi Exchange and will not occur on Fridays, Sundays or Public Holidays for either market. Refer to the IPO Information section of the IPO Microsite for more information.
Depending on the volume of transfer requests received there is no guarantee that transfer requests submitted in time will be transferred same day. Non-processed transfer requests will in this case be processed the subsequent common business day. ADX and Edaa may from time to time change the cut off time for transfers and which will be notified on their respective channels.
Before 11:00 Saudi Arabia (12:00 UAE), submit a “share transfer request form” to Edaa via broker / custodian. If the request is accepted and confirmed by ADX, the shares will be transferred on the same day and the broker or custodian will inform the investor of the successful transfer of shares. Transfer requests placed after 11:00am Saudi time will be processed on the next common working day. Requests placed on a Sunday with the Saudi Exchange will be processed on the following Monday. Same day transfer will take place only on common working days of ADX and the Saudi Exchange and will not occur on Fridays, Sundays or Public Holidays for either market. Refer to the IPO Information section of the IPO Microsite for more information.
Depending on the volume of transfer requests received there is no guarantee that transfer requests submitted in time will be transferred same day. Non-processed transfer requests will in this case be processed the subsequent common business day. Edaa and ADX may from time to time change the cut off time for transfers and which will be notified on their respective channels.
A request can be placed with ADX on a Friday but the transfer will happen only on the following Monday, given the Saudi Exchange is closed on Friday. Same day transfer will take place only on common working days of ADX and the Saudi Exchange and will not occur on Fridays, Sundays or Public Holidays for either market.
A request can be placed with the Saudi Exchange on a Sunday but the transfer will happen only on the following Monday, given ADX is closed on Sunday. Same day transfer will take place only on common working days of ADX and the Saudi Exchange and will not occur on Fridays, Sundays or Public Holidays for either market.
Yes. However, requests to transfer shares from ADX to the Saudi Exchange must be made before 12:00 noon UAE (11:00am Saudi Arabia); and requests to transfer shares from the Saudi Exchange to ADX must be made before 11:00am Saudi Arabia (12:00 noon UAE). Same day transfer will take place only on common working days of ADX and the Saudi Exchange and will not occur on Fridays, Sundays or Public Holidays for either market.
Depending on the volume of transfer requests received there is no guarantee that transfer requests submitted in time will be transferred same day. Non-processed transfer requests will in this case be processed the subsequent common business day. ADX and Edaa may from time to time change the cut off time for transfers and which will be notified on their respective channels.
Yes, depository accounts with both ADX and Edaa (the Saudi central securities depositary) are required.
A non-refundable fee of AED 52.5 (incl. 5% VAT) per transfer is charged by ADX and similarly a non-refundable fee of SAR 57.50 (incl. 15% VAT) per transfer is charged by Edaa. Transfer fees apply for both outbound and inbound transfers in each market.