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Dubai Investments nears 2 takeovers; to launch IPO end of 2015

Dubai Investments nears 2 takeovers; to launch IPO end of 2015
Dubai Investments
DIC
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By: Amr Fouad

Dubai – Mubasher: An official at Dubai Investments (DI) told Mubasher that the Company is in talks to acquire two firms at a total value exceeding $100 million.

One of these acquisitions operates in providing financial services, while the other operates in real estate investment, DI Marketing Manager Najat Kassir told Mubasher, adding that the DI is also at an early stage of exiting one of its subsidiaries. However, this divestiture to be carried out through launching an initial public offer (IPO) by the end of 2015, she added.

DI’s financial statements had revealed a slight decline in the value of real estate investments from AED 4.293 billion by the end of December 2013, to AED 4.283 billion by the end of the third quarter of 2014.

DI mainly operates in manufacture, contracting, and trading of FMCG tools, transport and real estate development for the purpose of selling or rent. Moreover, it invests in bonds, investment portfolios and securities.

DI’s total issued capital amounts to AED 3.57 billion divided on 3.57 billion shares at par value AED 1 per share.

Market capitalisation according to Sunday’s trades amounted to AED 7.355 billion.

DI’s financials for the nine-month period ending September, 30, 2014, revealed a net profit of AED 1.002 billion against AED 526.2 million during the same period in 2013, recording a massive growth by 90.6%.

 

Translated by: Nada Adel Sobhi

 

Photo Credit: Arabianeye-Reuters