UAE's state-owned Emirates Post (Empost) plans to raise about 1 billion dirhams ($272.3 million) selling shares to the public within two months, a report said.

Empost, the sole provider of postal services in the UAE, expects to sell a 49 percent stake in an initial public offering and would offer about 5 to 8 percent of that to non-UAE nationals, Al-Khaleej quoted Empost chief executive Abdalla al-Daboos as saying.

The firm, which started cargo unit Empost Air last year, was in talks to spend up to 1.5 billion dirhams on Asian acquisitions and would start a banking joint venture with Noor Islamic Bank, Daboos said in January. - Reuters