DOCSLIB.ORG

EFG-Hermes Holding S.A.E

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
EFG-Hermes Holding S.A.E This document relating to EFG-Hermes Holding S.A.E. (the “Company”) comprises a prospectus (the “Prospectus”) for the purposes of Article 5 of EU Directive 2003/71/EC, as amended (the “Prospectus Directive”). This document has been approved as a Prospectus by the Financial Conduct Authority (the “FCA”) under section 87A of the Financial Services and Markets Act 2000 (the “FSMA”). Prospective GDS holders should rely only on the information in this Prospectus. No person has been authorised to give any information or make any representations other than those contained in this Prospectus and, if given or made, such information or representations must not be relied on as having been authorised by the Company. Without prejudice to any obligation of the Company to publish a supplementary prospectus pursuant to section 87G of the FSMA or paragraph 3.4 of the Prospectus Rules made under section 73A of the FSMA, the publication of this document does not, under any circumstances, create any implication that there has been no change in the affairs of the Company since, or that the information contained herein is correct at any time subsequent to, the date of this Prospectus. EFG-Hermes Holding S.A.E. (incorporated as a joint stock company in the Arab Republic of Egypt under № 12665) LISTING AND ADMISSION TO THE OFFICIAL LIST AND TO TRADING ON THE LONDON STOCK EXCHANGE OF UP TO 100,000,000 ADDITIONAL GLOBAL DEPOSITARY SHARES There are currently admitted to listing on the official list (the “Official List”) of the UK Financial Conduct Authority (the “FCA”) and to trading on the London Stock Exchange plc’s (the “London Stock Exchange”) regulated market for listed securities (the “Regulated Market”), which is a regulated market for the purposes of Directive 2004/39/EC (the Markets in Financial Instruments Directive) 43,367,005 Global Depositary Shares (the “Existing GDSs” and, together with the Additional GDSs (as defined below), the “GDSs”) representing interests in ordinary shares of the Company (“Shares” and, together with the GDSs, the “Securities”). This Prospectus relates only to an application (the “Application”) to list on the Official List and to admit to trading on the regulated market of the London Stock Exchange up to 100,000,000 additional GDSs (the “Additional GDSs”). The Existing GDSs are, and the Additional GDSs shall be, evidenced by global depositary receipts (“GDRs”). Application will be made (1) to the FCA, in its capacity as competent authority under FSMA, for up to 100,000,000 Additional GDSs, either currently issued or to be issued from time-to-time against the deposit of Shares (to the extent permitted by law) with a custodian acting on behalf of The Bank of New York Mellon, as depositary (the “Depositary”), to be admitted to the Official List, bringing the total number of GDSs listed by the Company to up to 143,367,005 GDSs; and (2) to the London Stock Exchange for the Additional GDSs on the Regulated Market. The Existing GDSs are currently, and the Additional GDSs upon approval by the UK Listing Authority (the “UKLA”) and the London Stock Exchange will be, admitted to trading on the Regulated Market on the International Order Book under the symbol “EFGD”. Admission of the Additional GDSs to the Official List and unconditional trading on the London Stock Exchange (“Admission”) is expected to take place on or about 26 June 2014. This Prospectus relates only to the Application and does not constitute an offer of, or the solicitation of an offer to subscribe for or levy, any GDSs or other Securities to any person in any jurisdiction. The Company is not offering any GDSs or other Securities in connection with Admission. Additional GDSs will be issued pursuant to the Regulation S Deposit Agreement among the Company, the Depositary and the registered holders and beneficial owners of GDRs issued thereunder dated as of 3 August 1998, in respect of the Regulation S GDSs (as defined below) (the “Regulation S Deposit Agreement”) and the Rule 144A Deposit Agreement among the Company, the Depositary and all registered holders and beneficial owners of GDRs issued thereunder dated as of 3 August 1998, in respect of the Rule 144A GDSs (as defined below) (the “Rule 144A Deposit Agreement” and, together with the Regulation S Deposit Agreement, the “Deposit Agreements”). The Regulation S Deposit Agreement provides for the issuance of GDSs outside the United States to certain persons in offshore transaction in reliance on Regulation S (the “Regulation S GDSs”) under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and the Rule 144A Deposit Agreement provides for the issuance of GDSs in the United States to qualified institutional buyers (“QIBs”) as defined in Rule 144A under the Securities Act (the “Rule 144A GDSs”). Neither the GDSs nor the Shares have been or will be registered under the Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States. The GDSs involve certain risks. See “Risk Factors” for a discussion of certain factors that should be considered in connection with the GDSs. GDSs may be delivered through Euroclear Bank SA/NV, as operator of the Euroclear System, (“Euroclear”), Clearstream Banking, société anonyme (“Clearstream”), and The Depository Trust Company (“DTC”). The credit ratings included or referred to in this Prospectus will be treated for the purposes of Regulation (EC) № 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, as amended (the “CRA Regulation”), as having been issued by Fitch Ratings Ltd. (“Fitch”), Moody’s Investors Service Limited (“Moody’s”) and Standard & Poor’s Credit Market Services Europe Limited (“S&P”). Each of Fitch, Moody’s and S&P is established in the European Union and is registered under the CRA Regulation. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. The date of this Prospectus is 23 June 2014. TABLE OF CONTENTS Page SUMMARY.......................................................................................................................................................................1 RISK FACTORS..............................................................................................................................................................14 IMPORTANT INFORMATION .....................................................................................................................................27 DIVIDEND POLICY ......................................................................................................................................................31 CAPITALISATION AND LONG-TERM INDEBTEDNESS........................................................................................32 SELECTED FINANCIAL INFORMATION ..................................................................................................................33 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ................................................................................................................................................................35 BUSINESS DESCRIPTION............................................................................................................................................50 MANAGEMENT AND CORPORATE GOVERNANCE..............................................................................................83 PRINCIPAL SHAREHOLDERS ....................................................................................................................................96 DESCRIPTION OF THE SHARE CAPITAL OF THE COMPANY AND CERTAIN REQUIREMENTS OF EGYPTIAN LEGISLATION ..........................................................................................................................................97 THE ARAB REPUBLIC OF EGYPT ...........................................................................................................................102 DESCRIPTION OF THE GLOBAL DEPOSITARY RECEIPTS ................................................................................105 SUMMARY OF PROVISIONS RELATING TO THE GDRS WHILE IN MASTER FORM ....................................114 TAXATION....................................................................................................................................................................115 TRANSFER RESTRICTIONS ON THE GDSs............................................................................................................125 DESCRIPTION OF ARRANGEMENTS TO SAFEGUARD THE RIGHTS OF THE HOLDERS OF THE GLOBAL DEPOSITARY SHARES .............................................................................................................................128 CLEARING AND SETTLEMENT...............................................................................................................................131 INDEPENDENT AUDITORS ......................................................................................................................................134 ADDITIONAL INFORMATION..................................................................................................................................135 INDEX TO THE FINANCIAL STATEMENTS........................................................................................................... F-1 ii SUMMARY Summaries are made
Load more

Recommended publications
  • Staying Ahead…
    Annual Report 2008 Staying Ahead… TM & © Turner Entertainment Co. (s09) …in a Surreal 2008 EFG-Hermes One region. One investment bank. EFG-Hermes is the leading investment bank in the Arab world and the market leader in securities brokerage, investment banking, asset management, private equity and research. Contents 02 Overview of the Firm 04 Chairperson’s Foreword 06 From the Chief Executives 08 Highlights of 2008 10 Management Discussion and Analysis 13 Executive Committee 14 Lines of Business 24 Maximizing Governance, Minimizing Risk 26 Corporate Social Responsibility 28 Board of Directors 31 Audited Financial Statements TM & © Turner Entertainment Co. (s09) Overview of the Firm Financial History Securities Investment Brokerage Banking Total Revenues (EGP bn) EFG-Hermes Securities With an unrivalled track 08 2.2 Brokerage enjoys market record advising lead- 07 2.6 leadership in five direct and ing private companies, 06 1.2 six indirect markets across governments and listed 05 0.8 the Arab world, making it corporations from of- the region’s largest and fices around the region, 04 0.2 most diverse broker serving EFG-Hermes Investment 0 500 1,000 1,500 2,000 2,500 3,000 more than 600 global and Banking has raised more regional institutions and than USD 12 billion in over 26,000 high net worth equity for its clients Fee & Commission Income (EGP mn) and retail clients. through public offerings, 08 1,620 secondary offerings and 07 1,720 private placements, and 06 899 completed more than USD 19 billion in M&A 05 796 transactions in the past 04 182 decade.
    [Show full text]
  • EFG Hermes and Qinvest Enter Into a Definitive Agreement to Create the Leading Investment Bank in the Arab World and Beyond
    EFG Hermes and QInvest Enter into a Definitive Agreement to Create the Leading Investment Bank in the Arab World and Beyond Cairo May 5, 2012: EFG Hermes Holding S.A.E (“EFG Hermes”) and QInvest L.L.C. (“QInvest”) announced that they have entered into a definitive agreement involving EFG Hermes’ Brokerage, Research, Asset Management, Investment Banking and Infrastructure Fund businesses (the “Business”). Pursuant to the agreement, EFG Hermes and QInvest will enter into a joint venture at the level of EFG Hermes Qatar LLC (“EFG Hermes Qatar” or the “JV Company”), to be 60% owned by QInvest and 40% owned by EFG Hermes. The JV Company shall be the entity holding the Business post-closing. This announcement follows the initial press release on March 26, 2012, when the two parties agreed to explore a potential strategic alliance with the aim of creating a leading investment bank with operations in the Arab world and beyond, comprehensively covering the Middle East, Africa, Turkey and South and South East Asia. EFG Hermes’ position as the largest provider of investment banking, asset management and brokerage services across the Arab world will be strongly complemented by QInvest’s financial strength and client base. The aim will be to offer an enhanced product offering to QInvest’s extensive corporate and private client base in Qatar and the GCC region and to use the combined platform and resources to expand the joint venture’s reach into the fast growing regions of Sub-Saharan Africa and South and South East Asia. QInvest’s clients will benefit through the developed platform of EFG Hermes from direct access to the investment bank’s services in markets across the Arab world, as well as to trading platforms on the major Arab exchanges.
    [Show full text]
  • Global Equity Capital Markets Review
    Global Equity Capital Markets Review FIRST QUARTER 2020 | MANAGING UNDERWRITERS Global Equity Capital Markets Review First Quarter 2020 | Managing Underwriters Global Deals Intelligence Global Initial Public Offerings GLOBAL ECM ACTIVITY HITS FOUR-YEAR LOW, AMIDST RECORD VOLATILITY $50 400 Equity capital markets activity totaled US$126.6 billion during the first quarter of 2020, a 2% decline $45 compared to a year ago and the slowest annual period for global equity capital markets activity since 350 Thousands 2016. By number of issues, 927 ECM offerings were brought to market during the year, a 2% decrease compared to a year ago and a four-year low. Amidst record market volatility, March 2020 ECM volume $40 decreased 60% compared to February of this year, marking the slowest month for global equity capital 300 markets proceeds since October 2011. $35 250 MARCH IPO PROCEEDS DOWN 37%; FIRST QUARTER GLOBAL IPOs UP 75% $30 Global initial public offering activity during the first quarter of 2020 totaled US$25.8 billion, a 75% increase compared to last year and the strongest opening period for global IPOs since 2018. IPOs on $25 200 US exchanges increased 39% during the first quarter of 2020, while China-domiciled IPOs totaled $20 US$11.0 billion during the first quarter of 2020, a 92% increase and a nine-year high. During the March 150 2020, global IPO activity totaled US$6.9 billion, a 37% decline compared to February 2020 and the slowest month for new listings since August 2019. $15 100 $10 CONVERTIBLE OFFERINGS DECLINE 35%, FALLING TO FOUR-YEAR LOW Global convertible offerings totaled US$25.4 billion during the first quarter of 2020, accounting for 20% of 50 $5 global equity capital markets activity, compared to 30% during the first quarter of 2019.
    [Show full text]
  • A Mosaic of New Ideas, Products & Markets 2018 Annual Report 3
    2018 ANNUAL REPORT A Mosaic of New Ideas, Products & Markets 2018 Annual Report 3 CONTENTS 04 EFG Hermes at a Glance 10 Chairperson’s Foreword 14 A Note from Our Group CEO 18 Management Discussion & Analysis 28 Sell-Side Platform 32 Frontier 36 Investment Banking Diversity 42 Securities Brokerage 50 Research 54 Buy-Side Platform Cultural diversity in the workplace is a way of appreciating individuals, whether 58 Asset Management they’re from different regions, different countries, or different backgrounds 64 Private Equity — and individuals are the threads that keep our entire institution together. 68 NBFI Platform Bringing in talents from across the globe allows us to weave the fabric of 72 Leasing the Firm with different life experiences, different ideas, and different visions. 76 Tanmeyah As EFG Hermes works to expand its product portfolio, solution offerings, and 80 valU geographic footprint, we’re proud to have built an organization that benefits 84 EFG Hermes Factoring from knowledge across an ever-expanding footprint, solidifying our position as 88 Corporate Governance a full-fledged financial services corporation. 96 Risk and Compliance 102 Our People 108 Board of Directors 116 Executive Committee 124 Corporate Social Responsibility 132 Financial Statements 4 2018 Annual Report 2018 Annual Report 5 EFG HERMES AT A GLANCE EGYPT 6 2018 Annual Report 2018 Annual Report 7 The Leading Financial Services Corporation in FEM Leveraging its 30-year track record of success operating across the Arab world, EFG Hermes has expanded its geographical footprint and diversified its product offering to bring a constantly evolving portfolio of products to clients in some of 75 the world’s most rapidly growing markets in the MENA region, Sub-Saharan Africa, FEMs Covered by EFG and Southeast Asia Hermes Brokerage in 2018 What We Do The Investment Bank EFG Hermes is a leading financial ser- Securities Brokerage erates while simultaneously expanding multaneous transactions.
    [Show full text]
  • LEAGUE TABLES Q1 2020 Preliminary As of 25 March 2020 Q1 2020 PRELIMINARY AS of 25 MARCH 2020
    GLOBAL EQUITY CAPITAL MARKETS LEAGUE TABLES Q1 2020 Preliminary As of 25 March 2020 Q1 2020 PRELIMINARY AS OF 25 MARCH 2020 MANAGER RANKINGS GLOBAL EQUITY, EQUITY LINKED & RIGHTS CONTENTS Bloomberg’s global equity offerings database consists of nearly 87,000 deals (with approximately 43,000 IPOs and over 43,000 additional offerings), and coverage of more than 1. Global market review 500 financial advisors and 500 legal advisors. 2. US market review LEAG<GO> for a full range of league tables 3. Canada market review IPO<GO> for Bloomberg’s equity offerings product 4. Latin America market review Due to the dynamic nature of the Professional Service product, league table rankings may vary between 5. EMEA market review this release and data found on the Bloomberg Professional Service. 6. Asia market review 7. Table criteria DATA SUBMISSIONS AND QUERIES Contact Phone Email North America Larisa Bykova +1 646 324 2355 [email protected] EMEA Dimitri Quemard +44 20 3525 0253 [email protected] Asia-Pacific Zhen Hao Toh +65 6499 2931 [email protected] © 2020 Bloomberg Finance L.P. All rights reserved. Bloomberg Preliminary Global Equity | Q1 2020 Global Equity, Equity Linked & Rights: Industry Breakdown Global Equity Review 8% Financials 22% Q1 2020 credited Global Equity, Equity Linked & Rights volume decreased 3.11% to USD 128.6 Bln while deal count 5% 22% Health Care 18% decreased 8.94% to 906 offerings year-on-year. Global Equity IPO volume increased 73.37% year-on-year to USD 32.2 Bln 6% Consumer Discretionary 16% while the deal count decreased 0.40% to 247.
    [Show full text]
  • Egyptian Financial Group-Hermes Holding Company Sae
    EGYPTIAN FINANCIAL GROUP-HERMES HOLDING COMPANY SAE ALEXANDRIA, Egypt BvD ID number EG21655 Publicly quoted company Latest account date 31/12/2012 This company is the GUO of the Corporate Group Contact information BUILDING NO. B 129, PHASE 3 Telephone number +20 2 3535 6453 DESERT ROAD Fax number +20 2 3535 0942 ALEXANDRIA Website address www.efg-hermes.com Egypt E-mail addresses [email protected] [email protected] Industry & activities Type of entity Bank BvD major sector Banks NACE Rev. 2 main section K - Financial and insurance activities Trade description Operates as a holding company with interests in securities brokerage, investment banking, money management and venture capital Products and services A holding company [source: Bureau van Dijk] Industry classification codes UK SIC (2003) code(s) Primary code(s): 6512 - Other monetary intermediation Secondary code(s): 65121 - Banks 7511 - General (overall) public service activities NACE Rev. 2 code(s) {derived from UK SIC (2003) codes} Core code: 6419 - Other monetary intermediation Primary code(s): 6419 - Other monetary intermediation Secondary code(s): 6419 - Other monetary intermediation 8411 - General public administration activities NAICS 2012 code(s) {derived from UK SIC (2003) codes} Core code: 5221 - Depository Credit Intermediation Primary code(s): 522110 - Commercial Banking 522120 - Savings Institutions 522130 - Credit Unions Secondary code(s): 522110 - Commercial Banking 522120 - Savings Institutions 522130 - Credit Unions 921110 - Executive Offices 921120
    [Show full text]
  • EFG Hermes Egypt Day Summit
    EFG Hermes Egypt Day Summit brings together top government officials, global investors and c-suite executives to explore Egyptian investment opportunities as attention turns to the EGX and stability in the macro picture The conference connects representatives from top global financial institutions and investors representing a total USD 5.5 trillion in assets under management with government leaders and the CEOs of top companies in Egypt December 11, 2019 (Cairo, Egypt) — EFG Hermes, a leading financial services corporation in frontier emerging markets (FEM), announced today the kickoff of its third Egypt Day Summit in Cairo. The three-day event will see 27 investors from 22 companies and financial institutions representing USD 5.5 trillion in assets under management (AUMs) meet with a cohort of top government officials and CEOs from Egypt’s top listed companies to discuss the stability and steady growth of Egypt’s economy following recent reform efforts. “EFG Hermes is committed to supporting efforts to attract foreign capital to Egypt as we continue to play our role as the bridge between foreign capital and investment opportunities in Egypt and frontier emerging markets. The impressive turnout at the Egypt Day Summit from global investors, Egyptian companies and government representatives is a reflection of Egypt’s position as a key regional market that offers compelling opportunities to the global investment community,” said EFG Hermes Group Chief Executive Officer Karim Awad. “The consistent success of this gathering is a testament to the positive outlook on the local market and the global perception of Egypt as a growing economy in a region that is in constant flux.” With the country’s strong fundamentals and an increasingly positive economic outlook, there is growing interest from the international business community to pursue growth opportunities in Egypt, which boasts the largest consumer market in the MENA region, among other favorable demographic and economic characteristics.
    [Show full text]
  • Global Finance Names the World's Best Investment Banks 2021
    Global Finance Names The World’s Best Investment Banks 2021 NEW YORK, February 18, 2021– Global Finance magazine has named the 22nd annual World’s Best Investment Banks in an exclusive survey to be published in the April 2021 print and digital editions and online at GFMag.com. J.P. Morgan was honored as the Best Investment Bank in the World for 2021. “With widespread expectations of consolidation in multiple sectors and all around the About Global Finance world, investment banks will play a leading role in reshaping the world economy post- Global Finance, founded in pandemic,” said Joseph D. Giarraputo, publisher and editorial director of Global Finance. 1987, has a circulation of “Companies need more than ever to understand the specialties and skills that investment 50,000 and readers in 191 bank brings to the table. Global Finance awards are a valuable guide.” countries. Global Finance’s audience includes senior Global Finance editors, with input from industry experts, used a series of criteria— corporate and financial including entries from banks, market share, number and size of deals, service and officers responsible for making advice, structuring capabilities, distribution network, efforts to address market conditions, investment and strategic innovation, pricing, after-market performance of underwritings and market reputation— decisions at multinational companies and financial to score and select winners, based on a proprietary algorithm. Deals announced or institutions. Its website — completed in 2020 were considered. GFMag.com — offers analysis and articles that are the legacy For editorial information please contact Andrea Fiano, editor: [email protected] of 34 years of experience in international financial GLOBAL WINNERS markets.
    [Show full text]
  • Invesco Approved Broker List Name of Entity Legal Entity Identifier (LEI) ABG SUNDAL COLLIER ASA 2138005DRCU66B8BNY04 ABN AMRO
    Invesco Approved Broker List This document is for informational purposes only on the brokers approved by Invesco for its regulated investment management activities in Europe. This does not constitute a recommendation of any broker for the trading activity of the reader of this document. Please note that the entities listed in this document are only approved to trade certain instruments. Information is shown as at 30th June 2021. Invesco Fund Managers Limited reserves the right to make changes at any time to this document without notice. This document is issued by Invesco Fund Managers Limited, which is authorised and regulated by the Financial Conduct Authority. Name Of Entity Legal Entity Identifier (LEI) ABG SUNDAL COLLIER ASA 2138005DRCU66B8BNY04 ABN AMRO BANK N.V. BFXS5XCH7N0Y05NIXW11 AHORRO CORPORACION FINANCIERA SV SA 95980020140005375141 ARCTIC SECURITIES AS 5967007LIEEXZX4RVS72 ARDEN PARTNERS PLC 213800KRNTZFOY1DA806 AUERBACH GRAYSON & COMPANY LLC 254900THN5ANAH8X1V30 AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED JHE42UYNWWTJB8YTTU19 AUTONOMOUS RESEARCH LLP 213800LBM6PT85IGM996 BAADER HELVEA LIMITED 529900DXD7EPV64JOG51 BANCO BILBAO VIZCAYA ARGENTARIA SOCIEDAD ANONIMA K8MS7FD7N5Z2WQ51AZ71 BANCO J.P. MORGAN S.A BMSV765KS3ZUWB7LXV33 BANCO SANTANDER S.A. 5493006QMFDDMYWIAM13 BANCO SANTANDER (BRASIL) S.A 549300D1H731B30TSI43 BANK DEGROOF PETERCAM SA 549300NBLHT5Z7ZV1241 BANK GPB (JSC) 253400WSS48YWMBUA688 BANK GUTMANN AKTIENGESELLSCHAFT 549300KFLI6V2PUY8522 BANK OF AMERICA NATIONAL ASSOCIATION B4TYDEB6GKMZO031MB27 BANK OF AMERICA,
    [Show full text]
  • EFG-Annual-Report-2019.Pdf
    1984 2019 ANNUAL REPORT 2019 of Success 35 Years 04 EFG Hermes at a Glance 10 Chairperson’s Foreword 14 A Note from Our Group CEO 20 Management Discussion & Analysis 30 Sell-Side Platform 34 Frontier 38 Investment Banking CONTENTS 44 Securities Brokerage 52 Research 1984 56 Buy-Side Platform 60 Asset Management 64 Private Equity 68 NBFI Platform 72 Leasing 76 Tanmeyah 80 valU 84 EFG Hermes Factoring 88 Corporate Governance 35 Years of Success 35 Years 94 Risk and Compliance 98 Our People 102 Board of Directors 112 Executive Committee 120 Corporate Social Responsibility ANNUAL 124 Financial Statements REPORT 2019 4 2019 Annual Report 2019 Annual Report 5 1984Dr. Mohamed Taymour established Egyptian Financial Group (EFG) in 1984, making it the first investment banking firm MOHAMED TAYMOUR in Egypt. ESTABLISHES EGYPTIAN FINANCIAL GROUP (EFG) 6 2019 Annual Report 2019 Annual Report 7 The Leading Financial Services Corporation in FEM Over its 35-year history of success, EFG Hermes with a diverse product range, encompassing both expand coverage and deploy new on-the-ground has gone from one milestone to the next. From a traditional investment banking services as well as teams to cover equities in promising FEMs. leading Egyptian investment bank to a fully inte- non-bank financial services. grated financial service provider with presence in 13 Investment Banking markets across four continents — EFG Hermes has The Investment Bank Since the division’s launch in 1995, EFG Hermes’ In- evolved not only to match shifting market dynamics Securities Brokerage vestment Banking has climbed the regional rankings to but evolving stakeholder needs.
    [Show full text]
  • UBS Investment Research Sunland Group
    ab Global Equity Research Australia Real Estate UBS Investment Research 12-month rating Buy Sunland Group Prior: Not Rated 12m price target A$4.95/US$4.25 - Initiation of coverage: Dubai the key to Price A$4.25/US$3.65 growth; Buy RIC: SDG.AX BBG: SDG AU 24 December 2007 Significant growth since listing in 1995 Sunland Group (ASX code SDG) is a low-geared (12% D/TA) A$1.4bn S&P/ASX Trading data (local/US$) 200 developer undertaking residential, commercial and hotel development, project 52-wk range A$4.57-3.10/US$4.24-2.56 management and funds management. The business was founded in Australia in Market cap. A$1.36bn/US$1.17bn 1983 and expanded into Dubai in December 2004. Shares o/s 321m (ORD) Delivery of Dubai business is key Free float 100% We expect Dubai to quickly rise to c51% of EBIT by FY09E with Sunland Avg. daily volume ('000) 750 involved in five Dubai projects (3,014 lots, end value A$3.5bn) and as project Avg. daily value (A$m) 3.2 manager on the A$4bn White Bay project. Delivery and growth of the Dubai Balance sheet data 06/08E operations is premised on adequately managing JV relationships, human resources, economic risks and project completion timing, and (important given strong Shareholders' equity A$0.56bn inflation) budgets. P/BV (UBS) 2.4x Net Cash (debt) (A$0.12bn) What Sunland offers at current prices Sunland is trading at 11.3x FY09E P/E (versus the emerging industrials at 14.5x) Forecast returns and offers a 3.5% FY09E DPS yield (emerging industrials c5.1%), and we estimate Forecast price appreciation +16.5% a five-year EPS CAGR (FY08-13E) of 11.6% pa, underpinned by the Dubai Forecast dividend yield 5.3% business.
    [Show full text]
  • 2009 Response to Pensions and Investments Questionnaire
    Minority and Female Investment Hearing Questionnaire Senate Pensions & Investments Committee 1. What is the percentage of Minority and Women representation on the Board of Trustees of your fund (“the Fund”)? Please identify the Minority and Women members of the Board of Trustees by name, specifying which members are African American, Asian American, and Latino. The IMRF has a Board composed of eight (8) Trustees who are elected by our membership. Four (4) Trustees are elected by the employers of our Fund, three (3) Trustees are elected by the employees of our Fund and one (1) Trustee is elected by the annuitants of our Fund. We have four (4) female Trustees. This represents 50% of our current Board. There are no minority Board members. The female members on our Board of Trustees are: Ruth E. Faklis Gwen Henry Martha H. Rademacher Sharon U. Thompson 2. What is the percentage of Minority and Women representation on the Fund’s investment staff (excluding support staff)? Please specify the percentage of African Americans, Asian Americans, Latinos, and Women. Seventy-five percent of the Fund’s investment staff (excluding support staff) is minority and /or women. African Americans represent 0% Asian Americans represent 12.5% Latinas represent 37.5% Women represent 25.0% Please note that some members of our investment staff are Latinas and Asian American women but were not double counted. 3. What is the percentage of Minority and Women representation on the Fund’s consulting staff who is specifically assigned to the Fund (excluding support staff)? Please specify the percentage of African Americans, Asian Americans, Latinos, and Women.
    [Show full text]