PIF considers buying Nasdaq Dubai-listed Depa: report

Logo of PIF

The Public Investment Fund (PIF) is considering the acquisition of interior design and specialty contractor Depa Plc, Reuters reported, citing unnamed sources with knowledge of the matter.

The PIF aims to contract Depa to fit-out hotels under construction in the Kingdom. The company declined to comment, confirming its compliance with the disclosure rules.

Depa, which was listed on Nasdaq Dubai in 2008, worked with Arabtec Holding on several projects including Burj Khalifa, the world's tallest skyscraper, Dubai's Atlantis resort and Emirates Palace.

Depa’s ownership structure is divided as follows: Al Futtaim Capital LLC (26.4%), Arabtec Holding (24.2%), Mazrui Investments LLC (8.9%), Clarity Fund SPC Ltd (7.7%) and its major individual shareholder Marwan Shehadeh who owns a 0.26% holding in the company.

Depa incurred losses of AED 485 million in 2020. It has AED 909 million capital, divided into 618.4 million shares.

The stock trades at AED 0.22. Depa’s current market capitalization, based on the stock price, reaches nearly AED 136 million.

Depa is currently the only company with listed securities on the Nasdaq Dubai trading in UAE Dirhams.