Tasweek to launch $272m IPO by year-end
Abu Dhabi, June 5, 2014
Tasweek Real Estate Marketing and Development, an Abu Dhabi-based private joint stock company, is set to launch a $272 million (Dh1 billion) initial public offering (IPO) by the end of the year, said a report.
The company will simultaneously float tenders for its $136 million Community Housing Project - UAE, CEO Masood Al Awar was quoted as saying in a Zawya report.
Tasweek will list 55 per cent of its shares on the Abu Dhabi Securities Exchange, it said.
"We believe the project will boost our IPO. That's why the tendering has been delayed by nine months," said Al Awar.
The IPO and tender for the project, which is currently planned as an "affordable luxury housing project" will be announced at the same time, he said.
The 400 free-hold and lease-hold villas development will be the company's first project in the UAE.
"The other reason for the delay is that the board is yet to decide on the location of the project; whether it will be based in Dubai, Abu Dhabi or any other emirate. We have hired Hever Consultancy, a UK -based construction company, as we have different plans," Al Awar was quoted as saying.
The masterplan and design has been developed by the Italian firm Hilon Projects Italia, added the report.