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Owner of the Dubai Mall raised $1.6 bn IPO



The Dubai-based shopping mall operator, Emaar Malls Group, confirmed that it has raised $1.6bn during its initial public offering.
Emaar Malls, the owner of the Dubai Mall, one of the biggest centers globally, with 3.7m sq ft of leasable space and enjoying 75 million visitors during last year, is being pulled away from Emaar Properties, the property company based in Dubai.

The mall operator priced the offering at around 2.90 dirhams, or around 79 cents per share.  The oversubscribed offering placed a valuation of about $10.3bn on the company. All new shareholders were welcomed to Emaar Mills by its chairman, Mohamed Alabbar, as the company enters a new development phase.

Around two billion shares were sold during the offering, which represented about 15.4% of the company’s share capital.  It is due to commence share trading on Thursday in Dubai.

The company handles 5.9 million square feet of leasable space in malls in Dubai.  Its revenue during 2013 reached 2.39bn dirhams. The underwriters on the offering were Morgan Stanley, JPMorgan Chase and Bank of America Merrill Lynch, with Rothschild acting as financial advisor.

emaar-dubai-marina-mall


More about shopping malls in the United Arab Emirates

YESTERDAY, France:
French chain of department stores Galeries Lafayette has announced a new service for customers during the closing of stores.
YESTERDAY, USA:
The chain of coffee shops adapts to the realities of the post-quarantine world and focuses on drive-thrus, self-service, and delivery.
DAY BEFORE YESTERDAY, Italy:
Due to the sharp decline in interest in fashion in the midst of the pandemic, the company is abandoning the traditional calendar of shows and moving to an off-season schedule.
DAY BEFORE YESTERDAY, Germany:
The masks to protect against coronavirus are called Face Covers and are made from recycled materials.
May 25, 2020, United Kingdom:
Due to the coronavirus pandemic, more and more customers are adopting the habits of the younger generation and do not want to constantly change their wardrobe.
May 25, 2020, Slovenia:
SES Spar European Shopping Centers opened ALEJA Center in Ljubljana on Wednesday, 20 May 2020.
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