Dubai’s Main Utility DEWA Readies for Share Offering by April - Bloomberg
Dubai is planning to list its main utility by April, in what will likely be the city’s biggest initial public offering since DP World in 2007.
“I think we’ll be ready before Ramadan,” Dubai Electricity & Water Authority Chief Executive Officer Saeed Mohammed Al Tayer told Bloomberg when asked about the timing of the proposed IPO. The Islamic holy month of Ramadan is expected to start in April.
Dubai’s Deputy ruler Maktoum bin Mohammed bin Rashid said earlier this month that the emirate will sell a stake in DEWA “in coming months.” The IPO may value the utility at more than $25 billion, according to people familiar with the matter.
Dubai this month announced plans to list some 10 state-owned companies on its stock market as it looks to reverse a decline in trade that’s left it in the shadows of Abu Dhabi and Riyadh. That ambition got a fresh lift on Monday when the chairman of Emirates airline said it may also sell shares to the public.
No comments:
Post a Comment