Published: May 28, 2014
Property developer to list 25% of Emaar Malls Group on the Dubai Financial Market.
Emaar Properties, a UAE-based property developer, is to sell 25% of its retail business Emaar Malls Group on the Dubai Financial Market.
The funds raised will primarily be distributed to existing shareholders of Emaar Properties. Bookrunners and the timing of the offering will be announced at a later date. Mohamed Alabbar, chairman of Emaar Properties, said of the deal:
“The positive economic indicators of Dubai, led by its status as a global hub for business and leisure and the massive infrastructure development in preparation for hosting the World Expo 2020, are growth drivers for our malls and retail business. The planned listing on DFM will also benefit from the UAE entering the emerging market index of MSCI.”
He added: “We are thankful to our shareholders for their support to our strategic expansion plans aimed at creating long-term value. As a mark of our commitment to them, we intend to offer to shareholders of Emaar Properties a priority right to subscribe for shares separately from the shares allocated to financial institutions and the general public and we also intend to distribute the funds raised as dividend.”