Emaar dismisses as speculation reports by media outlets claiming that the property developer is set to list its Malls Group ‘within weeks’.
In a statement prior to market opening on Thursday morning, Emaar explains that no decision has yet been made as to the timing of the IPO.
A spokesperson for the company told AMEInfo: “The details of the IPO structure will be disclosed in due time, subsequent to all regulatory approvals.”
The equity offer – when it eventually materialises – is set to raise the company more than $8 billion. As such, it will represent the largest listing on the Dubai Financial Market since DP World’s IPO in late 2007.
The statement is not expected to have any significant impact on individual shares nor the DFM General Index. Within 10 minutes of opening, Emaar’s share price instantly dropped by one per cent, only to stabilise and finish the day on a 0.5 per cent down.
Thursday, August 14- 2014 @ 17:28 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.