UAE utilities firm Utico says in talks to IPO on Dubai bourse | Reuters
United Arab Emirates (UAE) utility firm Utico said on Monday it intends to list on the Dubai Financial Market this year, seeking a valuation of 3 billion dirhams ($817 million).
Dubai, the business and financial hub of the UAE, this week ordered local companies to sell shares in local stock markets before seeking listings in other emirates or abroad.
Utico said it was seeking a primary listing and its advisers were in negotiations for an initial public offering this year. It plans to list 20% to 30% of the company, it said in an emailed statement.
“It is a coincidence that the government’s decree that all private joint stock companies and international private companies which derive greater than 50% of their profits from the UAE be listed in the local securities exchanges,” said Richard Menezes, CEO of Utico.
No comments:
Post a Comment