Khalaf Al Habtoor
Al Habtoor postpones planned IPO
Dubai, December 18, 2012
Al Habtoor Group, a family-owned Dubai conglomerate, said on Tuesday it has postponed a planned initial public offering (IPO).
The group, which gave no reasons for the decision, had planned to raise as much as $1.6 billion through an initial public offering on the Nasdaq Dubai next year.
"After a thorough evaluation I have decided to postpone the IPO. It is a moral issue not taking the group public at this time. I will continue to focus on best practice and growing the company in a sustainable way," chairman Khalaf Al Habtoor said in a statement.
The company, whose portfolio spans the hospitality, construction, education and automotive sectors, had hired Grant Thornton as financial adviser for the planned IPO, which would have involved new shares worth 25 percent of its capital being sold to the public, Al Habtoor told Reuters in September. – Reuters