|10-02-2014, 04:22 PM||#1|
Emaar Properties to float Egyptian unit in mid-2015, says chairman
Emaar on a roll! Emaar Properties’ chairman told a press conference in Dubai on Thursday the company hopes to float its Egyptian unit, Emaar Misr in around June 2015.
Chairman Mohamed Alabbar said Emaar’s Egyptian unit is worth between AED3 billion to AED 4 billion ($816.8 million-$1.09 billion). Emaar Misr has an investment portfolio of 53 billion Egyptian pounds ($7.41 billion).
Meanwhile, Alabbar mulled prospects of listing Emaar’s hotels unit as he declined to give any timetable for the listing.
“Emaar Hospitality is going to go public when the board of the company decides. The percentage, size and when – all of that I will come back to you with. But the intention is to move forward as soon as possible,” he said on the sidelines of an event to mark the start of trading in EMG.
Stocks listed on the Dubai Financial Market do not contain any dedicated hotel operators, despite hospitality and tourism being key sectors of Dubai’s economy.
Emaar is going through with listing its units on signs there is strong demand for fresh equity on markets, the thing Emaar is seeking to capitalize on to increase shareholder value.
The IPO of the malls unit, which came a week after start-up retailer Marka made its debut, following a 5-year hiatus in Dubai’s markets.
The first trading day of the Emaar Malls Group (EMG) on the Dubai Financial Market (DFM) saw shares close higher by 12.07%. EMG was also the most traded on the DFM. Marka’s shares jumped 59% on its first day.
Both IPOs were hugely oversubscribed by investors.
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