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Globe and Mail
23-05-2025
- Business
- Globe and Mail
MINT Income Fund Announces Normal Course Issuer Bid
TORONTO, May 23, 2025 (GLOBE NEWSWIRE) -- MINT Income Fund (the 'Fund') (TSX: announced that it has filed a notice with the Toronto Stock Exchange (the 'TSX') and received its approval to make a normal course issuer bid ('NCIB'). Purchases pursuant to the NCIB will be made in the open market through the facilities of the TSX and Alternative Canadian Trading Systems. This NCIB will commence on May 27, 2025 and will terminate on May 26, 2026. In accordance with the Declaration of Trust by which the Fund is governed, market purchases pursuant to its NCIB may be effected by the Fund. The Fund had 10,052,580 units issued and outstanding as at May 13, 2025, including 10,031,982 units in the public float. The Fund may, during the 12 month period commencing May 27, 2025 purchase on the TSX up to 1,003,198 units, being 10% of the public float and may not, in any 30 day period, purchase more than 201,051 units, being 2% of the units issued and outstanding. The Fund will hold in treasury for resale all units purchased pursuant to the bid. As at May 13, 2025 the Fund had purchased 18,700 units on the TSX and Alternative Canadian Trading Systems at an average price of $6.96 per unit under its previously approved normal course issuer bid. The Fund had the ability to purchase up to 1,089,755 units under its last NCIB. The manager of the Fund believes that such purchases are in the best interest of the Fund and are a desirable use of its available funds. The Fund trades on the Toronto Stock Exchange under the symbol ' For further information visit our website at or contact the undersigned: Nancy Tham Managing Director, Sales and Marketing (416) 847-5349 May 23, 2025 This press release may contain forward-looking information, including with respect to future purchases of Units by the Fund. The forward-looking information contained in this press release constitutes current expectations, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents an estimate as of any date other than the date of this press release.
Al Bawaba
21-05-2025
- Business
- Al Bawaba
Dubai Holding Sets IPO Price for Dubai Residential REIT at AED 1.10, Raising AED 2.1 Billion to Become GCC's Largest Listed REIT
Dubai Holding, through its wholly owned subsidiary DHAM REIT Management LLC (the 'Fund Manager'), today announces the successful completion of the book building and subscription process for the initial public offering ('IPO' or the 'Offering') of Dubai Residential REIT on the Dubai Financial Market (the 'DFM') and has set the final offer price at AED 1.10 per Offer Unit. This implies a market capitalisation upon listing of AED 14.3 billion (USD 3.9 billion) and a gross dividend yield of 7.7% for 2025. The Offering attracted strong demand across both institutional and UAE retail tranches, prompting the Fund Manager to increase the size of the Offering from 12.5% to 15.0% of Dubai Residential REIT's total issued unit capital. The total gross demand reached over AED 56 billion (USD 15 billion), resulting in an overall oversubscription of over 26 times at the final offer price. Reflecting the exceptionally strong demand, the final offer price was set at the top end of the price range, enabling the company to raise AED 2,145 million (USD 584 million) through the IPO. Amit Kaushal, Group Chief Executive Officer of Dubai Holding, said: 'The significant demand for the initial public offering of Dubai Residential REIT from both local and international investors is a powerful endorsement of Dubai Holding's strategic vision and the strength of our residential leasing portfolio, which has been carefully developed and managed over more than two decades to meet the evolving needs of Dubai's diverse population. This investor confidence speaks not only to the resilience of the UAE's economic vision and Dubai's long-term growth trajectory, but also highlights the increasing depth, maturity and global appeal of its capital markets. We are confident in the ability of Dubai Residential REIT to deliver sustainable, long-term performance and, as we look ahead, our focus remains firmly on shaping the future of urban living in Dubai and contributing to the city's continued evolution as a global hub for investment, innovation and high-quality living.' Malek Al Malek, Group Chief Executive Officer of Dubai Holding Asset Management and Chairman of the Investment Committee of DHAM REIT Management LLC, said: 'The strong investor demand clearly signals a growing appetite for stable, income-generating assets in Dubai's vibrant and mature real estate sector, the core principle upon which the REIT was established. With a diversified portfolio comprising 35,700 residential units across multiple segments and supported by near-full occupancy and high retention rates, Dubai Residential has consistently demonstrated its ability to generate sustainable, long-term returns. This robust performance firmly positions Dubai Residential REIT as the benchmark for residential leasing in Dubai, reinforcing its role in shaping the future of urban living in the city.' The Offering comprised a total of 1,950,000,000 (one billion nine hundred and fifty million) Units, representing 15.0% of Dubai Residential REIT's issued unit capital, offered by DHAM Investments LLC (the 'Selling Unitholder'), a subsidiary of Dubai Holding, and the current sole unitholder of the REIT. Upon listing, the Selling Unitholder will continue to own a majority 85% stake in Dubai Residential REIT. Investors who subscribed through the UAE Retail Offering (First Tranche) will receive an SMS confirmation of their respective allocation on 26 May 2025, with refunds due to commence from the same date. The completion of the Offering and admission of Units to trading on the DFM ('Admission') is expected to take place on or around 28 May 2025, under the ticker symbol "DUBAIRESI" and ISIN "AEE01657D252", subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of admission to listing and trading on DFM. Dubai Residential REIT intends to adopt a semi-annual dividend distribution policy, making payments in April and September of each year, starting from September 2025. The REIT announced that the sum of its first two dividend payments, expected to be made in September 2025 and April 2026, will be the higher of: (i) AED 1,100 million; and (ii) an amount equal to 80% of profit for the period before changes in fair value of investment property, in respect of its financial results for the year ending 31 December 2025. For the financial results for the year ending 31 December 2026 and thereafter, Dubai Residential REIT intends to distribute at least 80% of profit for the period before changes in fair value of investment property for each accounting period. All dividend distributions remain subject to the approval of Dubai Residential REIT's board of directors and other provisions of the UAE prospectus. Citigroup Global Markets Limited, Emirates NBD Capital PSC, and Morgan Stanley & Co. International plc have been appointed as Joint Global Coordinators and Joint Bookrunners (the "Joint Global Coordinators"). Emirates NBD Bank PJSC has been appointed as the Lead Receiving Bank. Abu Dhabi Commercial Bank PJSC, Arqaam Capital Limited acting in conjunction with Arqaam Securities LLC, and First Abu Dhabi Bank PJSC are acting as joint bookrunners (together with the Joint Global Coordinators, the "Banks") for the Offering. Pursuant to an underwriting agreement entered into between Dubai Residential REIT, the Selling Unitholder, the Fund Manager and the Banks (the "Underwriting Agreement"), the Selling Unitholder will be subject to a lock-up (in connection with the Units) from the date of the Underwriting Agreement up to 180 days after Admission, subject to certain customary carveouts and consent by the Joint Global Coordinators. Dubai Residential REIT will also be subject to a lock-up for the same duration. In connection with the Offering, the Selling Unitholder will allocate proceeds from the sale of up to 243,750,000 Offer Units to xCube LLC, a DFM-authorised price stabilisation manager appointed by the Fund Manager. These proceeds may be used, in accordance with applicable laws and the DFM Trading Rules, to conduct stabilisation transactions on the DFM. The Banks and their respective directors, officers, employees, agents, and affiliates will not be involved in, responsible for, or benefit from any such transactions, which will be carried out solely by xCube LLC. Emirates NBD Bank PJSC has been appointed as the Lead Receiving Bank. Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Al Maryah Community Bank LLC, Commercial Bank of Dubai, Emirates Islamic Bank PJSC, First Abu Dhabi Bank PJSC, and Mashreq Bank PSC have also been appointed as Receiving Banks. For more information about the Offering, please visit:
Yahoo
21-05-2025
- Business
- Yahoo
Wafra Named Euromoney's Best Islamic Fund Manager for Second Consecutive Year
NEW YORK, May 21, 2025 /PRNewswire/ -- Wafra Inc. ("Wafra"), a leading global alternative investment firm headquartered in New York, announced today that its Global Sukuk Team has been named Best Islamic Fund Manager1 at the 2025 Euromoney Islamic Finance Awards. This marks the second consecutive year the team has received this distinction and highlights Wafra's focus on delivering differentiated strategies and performance for clients. Co-managed by Ron Solenske and Elias Scheker Da Silva, who have over 40 years of combined fixed income experience, the Global Sukuk Strategy is part of Wafra's Portfolio Solutions platform, which addresses the complex and evolving needs of global institutional partners. Wafra's Global Sukuk Strategy is built on a disciplined, research-driven investment approach that aims to deliver consistent, risk-adjusted returns while outperforming industry benchmarks. "We're thrilled to receive this recognition for the second year running — it affirms our commitment to delivering innovative solutions for our institutional partners, some of whom require Shariah-compliant investment exposure," said Mr. Solenske. Mr. Da Silva added, "It's an honor to once again be named Best Islamic Fund Manager. This award reflects the strength of our disciplined investment approach which becomes even more important during periods of market volatility." The Euromoney Islamic Finance Awards recognize institutions that have demonstrated exceptional performance across key categories over the past 12 months. Winners are selected by a panel of Euromoney journalists and researchers following a thorough process of analysis and interviews, and were revealed at the Euromoney Middle East Awards for Excellence ceremony, held in Dubai on May 20, 2025. About WafraWafra is a leading global alternative investment manager with approximately $28 billion of assets under management across a range of alternative assets, including real assets, real estate, and strategic partnerships. Through flexible and accretive capital solutions and focusing on long-term partnerships, Wafra aligns and partners with high-quality asset owners, companies, and management teams. Headquartered in New York, Wafra has additional offices in London and Bermuda. For more information please visit, Media Contacts Diana EstupinanManaging Director and Head of MENA, Prosek Partnersdestupinan@ +971 58 534 3668 1The accolade noted herein is independently determined and awarded by Euromoney and represents the opinions of the publisher and not those of Wafra. There can be no assurance that other publishers or market participants would reach the same conclusion. The Euromoney Islamic finance awards are judged by a panel made up of Euromoney's journalists and research team. Award decisions are based on an evaluation of criteria including, but not limited to new or enhanced products and services, highlighted deals, digital solutions and technology, environmental social and governance, financial performance, business development and transformation. Additional information can be found on the Euromoney website at Wafra is a sponsor of Euromoney's Islamic Finance Awards 2025. View original content: SOURCE Wafra
