DUBAI May 26 Dubai's Emaar Properties
said on Monday it will list up to 25 percent of its malls
business on the Dubai Financial Market (DFM), a shift from
earlier plans to list on the emirate's smaller Nasdaq Dubai
The builder of one the world's largest malls - Dubai Mall -
said it had received regulatory approval for the primary listing
of up to a quarter of Emaar Malls Group.
Companies listing on DFM are normally required to float
stakes of at least 55 percent but exceptions to the rule have
been made in the past.
Nasdaq Dubai has a much lower free float requirement of 25
percent, but it attracts less trading activity than the DFM and
has only 10 listed equities.
Timing of the offering and listing would be announced later,
the statement said.
It is expected to raise 8 to 9 billion dirhams ($2.18-$2.45
billion), making it one of the region's largest equity offers
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.
It was not clear whether the company still plans to list in
Dubai luxury developer DAMAC, the only real estate
firm from the emirate to list in London, got a lukewarm response
to its share offering in a sign that international investors are
still wary of the emirate's property market despite a recent
recovery in prices.
Sources told Reuters in April that the developer is talking
to regulators about the possibility of listing its shopping
malls unit on the DFM.
The listing is a boost for the Dubai bourse where new IPO
activity had died down after the emirate's financial crisis in
2009. A recovery in the economy has prompted more companies to
consider new listings.
(Reporting by Praveen Menon; Editing by David French and Jason