By: Mahmoud Gamal
Dubai – Mubasher: Emaar Properties’ stock rose in Wednesday’s trading sessionby 9%, following its announcement that it will offer up to 30% of its UAE property development business through an initial public offering (IPO) on Dubai’s bourse.
The stock rose to AED 7.64 by 1:03 pm UAE time, generating AED 414.26 million from the exchange of 55.16 million shares.
The funds raised through the equity sale will be distributed as dividends to Emaar’s shareholders.
Offering Emaar’s real estate development business in an IPO boosted the stock’s performance and attracted purchases, financial analyst Mohamed Kamal said.
Emaar’s stock targets to reach AED 7.8 and AED 8, respectively, Kamal added.
Translated by: Julian Nabil
