Emaar Malls Group has launched a 24-hour call center to help investors in the UAE understand the key details of its initial public offering (IPO), according to Gulf Business website.
The malls and retail business subsidiary of developer Emaar Properties will launch the $1.4 billion IPO on September 14, and list on Dubai’s main stock market on October 2.
Mohamed Alabbar, Chairman of Emaar Properties, said: “The IPO is a milestone for the development of the UAE capital markets as, for the first time, it combines institutional and retail shareholders in the same offering on the DFM.”
“Emaar Malls Group has delivered strong growth and profitability in the last six years that has enabled it to make substantial investments which are expected to increase its GLA by around one million square feet by 2016 and enhance the group’s revenue and margins,” he indicated.
Emaar forecasts to sell at least 15% of its subsidiary, amounting to 1.95 billion shares, as part of the offering, with 30% made available to individual investors.