Emaar Soars Most in 6 Months on Unit IPO, Dividend: Dubai Mover - Bloomberg

Emaar Soars Most in 6 Months on Unit IPO, Dividend: Dubai Mover - Bloomberg:



"Emaar Properties PJSC (EMAAR) jumped the most since September as the developer of the world’s tallest skyscraper plans a $2.45 billion share sale of its shopping malls to reward stockholders.



The shares surged as much as 6.8 percent, the most since Sept. 10, to 9.25 dirhams, before trading at 9.07 dirhams as of 11:38 a.m. in Dubai. The estimated 8 billion dirhams ($2.2 billion) to 9 billion dirhams generated from the secondary public offering will primarily be distributed to shareholders as dividend, Emaar said, without giving a time frame for the sale.



The developer last month got an investment grade rating for the first time in four years at Standard & Poor’s as Dubai’s property market rebounded amid an economic recovery. That and an upgrade of the United Arab Emirates to emerging-market status from frontier in June by MSCI Inc. has helped Dubai’s benchmark stock index more than double in the past 12 months."



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