* To sell 240 mln shares at 2.4 dhs each
* IPO to run Jan 11-25
* Existing shareholders to sell combined 40 pct of firm
* Follows recovery of markets, economy from crisis
* But oil price slide has hit UAE markets in recent weeks (Adds detail, context)
DUBAI, Jan 5 (Reuters) - Massar Solutions, a United Arab Emirates vehicle rental and fleet management firm, said on Monday it planned to list 40 percent of its shares on Abu Dhabi’s bourse, in what would be the first flotation on the emirate’s stock market since 2011.
The company will seek to sell 240 million ordinary shares at 2.4 dirhams each between Jan. 11 and 25, it said in a statement. This would value the initial public offer at 576 million dirhams ($156.8 million).
Shares offered in the IPO would come equally from existing shareholders Invest AD, a local financial firm, and Abu Dhabi National Energy Co (TAQA), which currently hold 51 percent and 49 percent of the share capital respectively.
The offer is only open to UAE nationals, with 20 percent of the IPO reserved for retail investors and the rest available to them as well as to fully owned UAE companies and government institutions.
The flotation is the first in Abu Dhabi since Eshraq Properties raised 825 million dirhams in May 2011.
Initial share sales dried up in the UAE in the wake of the global financial crisis as stock markets plummeted, wiping out investor confidence.
As market values recovered last year on the back of renewed vigour in the local economy, several new listings were completed on Dubai’s bourse, including Emaar Malls Group, the retail and shopping malls unit of Dubai’s largest real estate developer.
However in recent weeks, stock markets in the UAE have been buffeted by concerns over the impact of falling oil prices on the economy, with the last two listings in Dubai — for Amanat Holdings and Dubai Parks and Resorts — opening below their IPO prices.
Massar was established in 1998 and currently owns and operates around 9,755 vehicles as well as managing a further fleet of 6,755 vehicles for third-party clients, it said, adding that it planned to increase this to 16,000 and 20,000 vehicles respectively over the next five years.
In the nine months to Sept. 30, it made a net profit of 64.9 million dirhams and generated revenues of 342.1 million dirhams.
Macquarie Capital Middle East and National Bank of Abu Dhabi are acting as joint financial advisers for the IPO, the statement added. ($1 = 3.6730 UAE dirhams) (Reporting by David French; Editing by Matt Smith and Andrew Torchia)