|09-30-2014, 01:54 PM||#1|
Emaar`s next IPO news lifts Dubai shares
The Dubai Financial Market (DFM) edged higher early Tuesday, boosted by Emaar Properties`s announcement it will float its hotels business after a highly-successful malls unit initial public offering.
Dubai stocks rose 0.6% as Emaar Properties added 0.87%. Emaar said the IPO of its subsidiary, the Emaar Malls Group, had raised $1.6 billion and priced it at the top of the proposed range, amid massive demand from investors.
The IPO was the largest stock offer in the United Arab Emirates since 2008.
Mohamed Alabbar, the chairman of Emaar, said on Monday they are planning to list the hotels unit in coming months.
DFM has risen 48% in 2014, becoming the second-best performer globally, and it is proving to be very attracting for companies such as Emaar to list its subsidiaries in.
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