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Emaar to sell 10-15pc stake of MFG in IPO

Dubai, August 2, 2009

Emaar Properties will sell a 10-15-per cent stake of its India MFG joint venture in an $800-million initial public offering, a local newspaper reported on Sunday.

Emaar, the builder of the world's tallest tower, will appoint bankers to manage the IPO next month, The National said, citing a source at one of the banks leading the offer.

Emaar MGF has selected Indian bank Kotak Mahindra to lead the issue and will appoint three more banks within two weeks, the paper said.

The financial institutions on Emaar's shortlist include Merrill Lynch, Deutsche Bank, JP Morgan Chase and India's Enam Securities, the banker said.

In July, the developer said it was still considering an IPO for the business, adding it was still in the preliminary stage.

Emaar reported a $351 million loss in its second-quarter earnings on Thursday.-Reuters




Tags: Emaar Properties | real estate | India JV |

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