Emaar Properties PJSC plans to list 25% of its retail division on the Dubai Financial Market.
This was prompted by an exemption from the rules requiring listed companies to sell a minimum of 55%. The MD of the company said the scrapping of plans to sell its shares on the Nasdaq Dubai and in London was the right decision and the chance of success has been increased greatly, Bloomberg says.
The developer is currently benefiting from a property market which is recovering from the 2008 crash. The company has plans to raise about $2.45bn in a sale in June and the funds will be issued as a dividend to its shareholders.
The timing of the listing and public offering will be announced later. Existing shareholders will get the first choice of the stock, with amounts being set aside for the general public and financial institutions.
The developer holds more than 5.8m sq ft (539000m²) of gross leasable space in Dubai.
At the close of Dubai trading, Emaar was up 3.7% at 10 dirhams. The shares have grown 44% this year, providing the company with a market value of 71.6bn dirhams. It is the largest company on the DFM General Index, being responsible for 22% of the total value.
28 MAY 2014, United Arab Emirates
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