Spinneys 1961 Holding plc (the “Company” or “Spinneys”), an operator of premium grocery retail supermarkets under the “Spinneys”, “Waitrose” and “Al Fair” brands in the UAE and Oman, with plans to open in the Kingdom of Saudi Arabia in 2024, today announces the price range for the sale of its shares (the “Shares”, each a “Share”) (the “Offer Price Range”) and start of the subscription period for its initial public offering (“IPO” or the “Offering”) on Dubai Financial Market (“DFM”).

KEY HIGHLIGHTS

The Offer Price Range has been set between AED 1.42 and AED 1.53 per Share, implying a market capitalisation at time of listing of between c. AED 5.11 billion (c. US$ 1.39 billion) and c. AED 5.51 billion (c. US$ 1.50 billion).

900,000,000 Shares each with a nominal value of AED 0.01 will be made available in the Offering, representing 25% of the Company’s total issued share capital.

All Shares to be offered are existing shares held by Al Seer Group LLC, the selling shareholder (the “Selling Shareholder”), who reserves the right to amend the size of the Offering at any time prior to the end of the subscription period at its sole discretion, subject to applicable laws and the approval of the Securities & Commodities Authority (the “SCA”).

(i) Emirates International Investment Company LLC (EIIC) and (ii) Templeton Asset Management and Franklin Templeton Investments, as investment managers on behalf of certain funds and accounts, will be cornerstone investors in the IPO with a total commitment of AED 275 million (US$ 75 million).

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