Monday 4 November 2013

UPDATE 1-Dubai developer DAMAC plans $500 mln London share listing | Reuters

UPDATE 1-Dubai developer DAMAC plans $500 mln London share listing | Reuters:

"* DAMAC to sell GDR receipts on London exchange

* Citigroup and Deutsche Bank appointed joint bookrunners

* DAMAC would be first property firm to IPO after Dubai crash

DUBAI, Nov 4 (Reuters) - Dubai developer DAMAC Properties said on Monday it plans to raise around $500 million from a sale of global depositary receipts on the London Stock Exchange as it seeks to take advantage of a recovery in the emirate's property market.

A London listing would make DAMAC the first major property firm in Dubai to conduct an initial public offering since the emirate's property market imploded in 2009.

Each GDR will be worth 3 ordinary shares in DAMAC, the regulatory filing said. A GDR is a certificate that represents a block of shares in a company. GDRs are often issued by firms in emerging market states to allow foreign investors to buy the stock more easily."

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