Emaar may list malls unit on DFM
Dubai, April 29, 2014
Emaar Properties is talking to regulators about the possibility of listing its shopping malls unit on Dubai Financial Market (DFM), the emirate's main bourse, instead of Nasdaq Dubai.
Last month, Dubai's biggest property firm hired Morgan Stanley to manage an Dh8-9 billion ($2.2-2.5 billion) listing of the unit, which would be one of the biggest equity deals in the region for years.
Company officials previously said there might be a dual listing on Nasdaq Dubai and London.
But the sources said Emaar was now considering DFM instead of Nasdaq Dubai.
Emaar has said it wants to offer as much as 25 per cent of the malls unit.
That is potentially problematic for a DFM listing, since companies listing there are normally required to float stakes of at least 55 per cent; this rule has deterred some firms, and the last DFM listing occurred in 2009.-Reuters