DUBAI Nov 4 Dubai developer DAMAC Properties
said on Monday it plans to raise around $500 million from a sale
of global depositary receipts on the London Stock Exchange.
Each GDR will be worth 3 ordinary shares in DAMAC, the
regulatory filing said. A GDR is a certificate that represents a
block of shares in a company. GDRs are often issued by firms in
emerging market states to allow foreign investors to buy the
stock more easily.
Citigroup and Deutsche Bank are joint
bookrunners for the offering, with the investment banking arm of
Saudi Arabia's Samba Financial Group and VTB Capital
acting as co-lead managers.