Dubai plans to sell shares in its main utility, valuing the firm at more than $25 billion in a deal that will probably be the emirate’s biggest listing, according to people familiar with the matter.
Dubai Electricity & Water Authority’s initial public offering is likely to be the first of many as the government tries to revive a flagging local bourse, the people said, asking not to be identified. DEWA, as the company is known, wasn’t immediately available for comment.
Earlier on Tuesday, deputy ruler Maktoum bin Mohammed bin Rashid said Dubai will sell a stake in DEWA “in coming months.” Shares will be listed “in stages” due to the utility’s size.The planned listing comes a day after Dubai said it would sell stakes in 10 companies. It will be a test of confidence in a stock market dogged by falling volumes and at a time when regional rivals Saudi Arabia and Abu Dhabi are stepping up IPOs.
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