Emaar Properties approves Initial Public Offering of Emaar Development
Posted on 23rd October 2017
According to *Constructionweekonline news report, Emaar Properties announced on Sunday that it has approved its Initial Public Offering (IPO) of Emaar Development, the company’s real estate subsidiary.
Emaar Development will be listed on the Dubai Financial Market with up to 30% of its shares available to the public, according a bourse filing.
The group’s board approved “the conversion of Emaar Development into a public joint stock company” through the “transfer of certain assets of the real estate development business”, the filing said.
The IPO is scheduled to take place in early-November, Mohamed Alabbar, Emaar's chairman said, as reported by The National.
The funds raised through the sale of equity will be primarily distributed as dividends to shareholders. The IPO will be the largest since the Emaar Malls IPO in 2014.
The developer's UAE projects backlog amounts to $10.9bn (AED40.1bn).
*News source: http://www.constructionweekonl...
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