By: Reem Shamseddine | Saeed Azhar
DUBAI: Dubai-based Emaar Properties plans to launch the initial public offering (IPO) of its real estate development business by November, Emaar’s chairman Mohamed Alabbar told Al Arabiya TV on Thursday.
Emaar, whose interests span hotels, entertainment and shopping malls, said on Wednesday it had decided to list the real estate development business in Dubai to maximise value for shareholders, which would be in line with its strategy of separating its businesses into listed companies.
Alabbar said the board of directors was discussing distributing 100 percent of funds from the sale of up to 30 percent of the shares of the real estate development business to shareholders of Emaar Properties.
The company floated Emaar Malls in 2014, valuing the business at 37.7 billion dirhams ($10.27 billion).
When asked by the channel if the valuation was close to the value of Emaar Malls, Alabbar said he expected the numbers to be close.
“We are still in the beginning, we are working with Goldman (Sachs) on this process,” he said.
Goldman Sachs declined to comment.
(Reporting by Reem Shamseddine and Saeed Azhar; Editing by Mark Potter)
Source:Reuters