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Emaar to launch malls unit IPO in Sept

DUBAI, August 31, 2014

Emaar Properties will launch an initial public offer to sell at least 15 per cent of its shopping malls and retailing unit on Dubai's main stock market in September, and plans to list the shares in October.

The emirate's largest real estate developer will offer 30 per cent of the shares to individual investors and 70 per cent to qualified institutional investors, it said in a statement to Dubai's bourse on Sunday.

"The pricing of the IPO will be determined via a book-building process with qualified institutional investors who are clients of the Joint Global Coordinators or the Joint Bookrunners," the statement added.

Emaar had said in March that it would sell up to 25 per cent of the unit in a public offer expected to raise Dh8 billion to Dh9 billion ($2.18-$2.45 billion).

The developer repeated on Sunday that it would pay a dividend totalling Dh9 billion to its shareholders.

A spokesman for the company told Reuters that subscriptions would open next month and the shares would be listed in October.  - Reuters




Tags: IPO | Emaar | Malls Group |

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