Dubai state utility DEWA to delay announcement of its intention to float -sources | Reuters
Dubai Electricity & Water Authority (DEWA) will delay the announcement of its intention to float (ITF), which was scheduled to take place on Monday, two sources told Reuters.
It was not immediately clear why the state utilities firm is delaying the announcement, which would have kicked off its much anticipated initial public offering process, said the sources, declining to be named as the matter is not public.
The company still plans to list in April, the sources said.
DEWA declined to comment when contacted by Reuters on Monday.
Two other sources last month said the company plans to offer at least 5% of its shares to investors, and one of them said the offering could go up to 10%. An institutional investor who has seen DEWA's investor presentation said the company could be valued at $27 billion to $37 billion. read more
The planned listing comes after Dubai's deputy ruler, Sheikh Maktoum Bin Mohammed, in November announced plans to take 10 government-linked companies public to boost stock market activity. read more
The listing plans aim to help the Dubai stock market compete more effectively with bigger exchanges in the region, such as those in Saudi Arabia and neighbouring Abu Dhabi.
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