Dubai's Emaar Properties to list 25 pct of shopping malls, retail unit
DUBAI, March 15
DUBAI, March 15 (Reuters) - Dubai's Emaar Properties said on Saturday it plans to list 25 percent of its shopping malls and retail unit in an offering expected to raise between 8 to 9 billion dirhams ($2.18-$2.45 billion).
The company, Dubai's largest listed developer, did not specify where the shares would be listed and gave no timetable for the share sale.
It said that the proceeds from the share sale will 'be primarily distributed as dividend' to Emaar shareholders. The shares to be sold to the public will come from the unit's current equity, the statement added.
In a separate statement, Emaar said that its board was proposing a 15 percent cash dividend and a 10 percent bonus share issue for 2013. ($1 = 3.6730 UAE Dirhams) (Reporting by Sami Aboudi)