Dubai’s Emaar Plans Share Sale of Malls Unit Next Month - Bloomberg:
"Emaar Properties PJSC (EMAAR), the Dubai-based developer, plans to sell at least 15 percent of its mall unit in September and distribute about 5.3 billion dirhams ($1.44 billion) of the proceeds to shareholders as a dividend.
The company, which raised 3.7 billion dirhams through an Islamic bond sale in June, will make the payment as part of plans to distribute about 9 billion dirhams to shareholders including Dubai’s government. While the IPO will take place next month, the listing is expected in October, an Emaar spokesman said, asking not to be identified under corporate policy.
Emaar, which built the world’s tallest tower, is focusing on recurring hotel and mall revenue to cushion itself from shocks in the emirate’s property market. The company’s prized asset is the Dubai Mall, which received 75 million shoppers last year, and features hundreds of stores as well as an underwater zoo, skating rink and the world’s most expensive cupcakes."
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