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Wednesday, 7 June 2017

Emaar to IPO Up to 30% of U.A.E. Property Business in Dubai - Bloomberg

Emaar to IPO Up to 30% of U.A.E. Property Business in Dubai - Bloomberg:

"Emaar Properties PJSC, the Dubai-based developer of the world’s tallest skyscraper, plans to sell as much as 30 percent of its real estate development business in the United Arab Emirates in an initial public offering. The funds raised will primarily be distributed as dividend to Emaar’s shareholders, the company said in a statement on Wednesday. Emaar shares jumped as much as 8.4 percent, the most since January 2016, in Dubai. “Selling down up to 30 percent of a key asset enables the company to reward shareholders now for cash flow that would be realized at the net level over years into the future,” said Sanyalak Manibhandu, head of research at NBAD Securities LLC. “Emaar spoke about paying some sort of a special dividend at the AGM. So this is a way for the management to realize the expectation the management raised at the AGM.""



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