Dubai Fountains

Emaar Malls IPO officially announced

: Sunday, August 31 - 2014 @ 14:40

Emaar Properties will launch an IPO for Emaar Malls Group (EMG) in September 2014, with shares to be traded a month later, it has announced.

Like its parent company, EMG will be listed on the Dubai Financial Market (DFM); the much-speculated launch was set to be the DFM’s largest since DP World listed in late 2007. However, Emaar has revealed that, at present, only 15 per cent of the new company will be offered, which would raise approximately $1.44 billion for shareholders.

The listing will enable individual investors to trade up to 30 per cent of the listed shares, while qualified institutions will be open to buy the remaining 70 per cent.

Mohamed Alabbar, chairman at Emaar Properties, says: “The IPO of EMG is a milestone for the development of UAE capital markets, as, for the first time, it combines institutional and retail shareholders in the same offering on the DFM.”

In H1 2014, EMG recorded revenues of $340 million, a 13 per cent increase from H1 2013.

Following the official confirmation of the IPO by Emaar, the company surged on Sunday, August 31, by 8.78 per cent, lifting the entire DFM General Index to a growth of 2.73 per cent.

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Sunday, August 31- 2014 @ 14:40 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.

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