Dubai Investment unit to sell 40pc stake
Dubai, June 23, 2008
M'Sharie, the private equity arm of Dubai Investments Co, is selling a 40 percent stake in a private placement to strategic investors and expects to offer shares to the public within two years, an executive said.
'We are closing a private placement by June 30 where we are offering 40 percent of equity to five or six strategic investors of the Gulf region,' M'Sharie chief investment officer G Bala Subramanyan told Reuters on the sidelines of a private equity conference.
M'Sharie is valued at between 1.3 billion dirhams ($353.9 million) to 1.5 billion dirhams, Subramanyan said.
'We want to have a higher reach in the Gulf region,' he said, adding that Gulf International Bank is advising on the sale.
Subramanyan said M'Sharie planned to sell shares to the public in an initial public offering in 18 to 24 months, adding that the stake sale would be determined by governmental 'regulations.' -Reuters