Emaar Properties to sell 25% of malls business on Dubai bourse
Timing of the offering and listing will be announced later, developer says
Dubai’s Emaar Properties said on Monday it will list up to 25 percent of its malls business in a public offering on the Dubai Financial Market (DFM).
The builder of one the world’s largest malls - Dubai Mall - said it had received regulatory approval from the United Arab Emirates’ Securities and Commodities Authority to sell up to a quarter of Emaar Malls Group.
Company officials previously said there might be a dual listing on Nasdaq Dubai, the smaller of the emirate’s two exchanges, and on the London Stock Exchange.
Sources told Reuters in April that the developer is talking to regulators about the possibility of listing its shopping malls unit on the DFM.
Timing of the offering and listing would be announced later, the statement said.