Biggest Dubai Share Sale in Three Years Raises $1.3 Billion - Bloomberg

Biggest Dubai Share Sale in Three Years Raises $1.3 Billion - Bloomberg:

"Emaar Properties PJSC raised 4.82 billion dirhams ($1.31 billion) from the sale of a 20 percent stake in its United Arab Emirates development business, pricing the initial public offering at the bottom of a revised range. The Dubai-based developer of the world’s tallest skyscraper sold 800 million shares of Emaar Development PJSC at 6.03 dirhams a share, it said in a statement. That compares with a revised price guidance of 6.03 dirhams to 6.9 dirhams and initial range of 5.7 dirhams to 6.9 dirhams. About 6.2 percent of the shares were sold to individual investors and 93.8 percent to qualified investors. Emaar managed to complete the sale even after almost $19 billion was wiped out from exchanges across the six-member Gulf Cooperation Council countries last week. The market rout came after a Saudi crackdown against alleged corruption that led to the arrest of several princes and billionaires and as Tehran and Riyadh traded barbs on a missile attack on Saudi Arabia."



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