Damac’s Planned Back-Door Listing a Positive for Dubai’s Market - Middle East Real Time - WSJ:
"A company needs to sell at least 55% of its stock to list on the main U.A.E. bourses – a regulation that has been blamed in part for the weak IPO market in the Arab Gulf country.
After all, most big companies in the region are owned by local families who prefer retaining majority control over their assets. That is expected to change once a new companies law is enacted in the country that will likely ease the listing requirement to about 30%. But approval for the new law could still take some time, given it’s already been years in the making.
In this scenario, property developer Damac’s plan to convert its London-listed GDRs into shares and list them on the Dubai Financial Market makes sense."
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