Expiry of six month lock-up periodOct 21 ,2008
Headline : Expiry of six month lock-up period
Expiry of six month lock-up period
Dubai, 21 October 2008 - Depa Limited (ticker DEPA) (“DEPA” or “the Company”), the world’s largest interior contractor today announces the expiry of its six month lock-up period. At the time of the IPO, Depa Ltd and the Selling Shareholders (as defined in the IPO prospectus) agreed to a 6-month lock-up on the issue, offer, sale and related activities as outlined in the IPO prospectus. The six month lock-up period has now ended. These locked-up shares represented 35% of total locked-up shares and 20% of total outstanding shares. The remaining locked-up shares will be released on 19 April 2009.
Depa Ltd+971 4 224 3800
Noor Sweid, Managing Director, Strategy
Brunswick Gulf Ltd+971 4 365 8260
Rupert Young / Azadeh Varzi
About Depa Limited:
Depa Limited is the largest interior contractor in the world. Operating principally in the luxury fit-out industry, its main areas of business cover hospitality, high-end residential properties, retail outlets, yachts, as well as public sector amenities such as airports, hospitals and transport systems. Depa is listed on the Dubai International Financial Exchange (ticker DEPA) and has Global Depositary Receipts on the regulated market for listed securities of the London Stock Exchange plc (ticker DEPA and DEPS).
The range of business activities performed by Depa comprises:
•Interior contracting: which focuses on luxury interior fit-out services, which include installation and finishing of floors, walls, ceilings and fixed joinery;
•Manufacturing: which comprises a network of factories and joineries which produce customised furniture, fixtures and equipment (FF&E) for Depa itself and the wider market;
•Procurement: which involves the procurement of supplies and materials from third parties to support and complement Depa's interior contracting and manufacturing operations as well as third party procurement contracts for specific FF&E projects.
By integrating these services into a single package, Depa provides clients with comprehensive and customised interior contracting solutions.
With more than 8,000 employees worldwide, the company operates through an integrated network of subsidiaries, affiliates and representative offices located in the UAE, Saudi Arabia, Qatar, Egypt, Jordan, Syria, Libya, Morocco, India, Malaysia, Thailand, China, Singapore, UK, the Netherlands, and the United States. Through this network, Depa has successfully executed large and complex projects in over 16 countries including the Burj Al Arab Hotel (Dubai), Emirates Palace (Abu Dhabi), the Museum of Islamic Art (Doha), Four Seasons Hotels (Sharm El Sheikh & Mumbai) and Atlantis Resort (Marrakesh and Dubai).