By Ramy Sameeh
Abu Dhabi – Mubasher: Manazel Real Estate is studying several scenarios for floating shares of Manazel Mall in Dubai or Abu Dhabi bourse, said Waleid Gamal Eldien, Chief Investment & Commercial Officer as Manazel.
Studies are underway on various approaches for the IPO so as to achive the maximum benefit for shareholders and investors, the official told Mubasher exclusively
Two weeks ago, the company announced the establishment of a new subsidiary responsible for operating and managing Capital Mall LLC and all retail areas in Al Reef Community and Al Reef 2 in Abu Dhabi.
The share offering remains contingent upon market conditions and other factors like the expected robust performance of Manazel Mall, the chief officer said.
The recent solid performance of Manazel Real Estate, especially after adopting the integrated restructuring, encourages the management to expand by floating more shares in Manazel Mall on the market.
Regarding any future projects, Gamal Eldien replied that “the company mainly focuses on Capital Mall as a main project that entails other projects.”
Manazel Real Estate has not posted FY15 financial results yet, but H1-15 profits jumped by 179% to AED45 million ($12.25 million).
Translated by Ahmed Ali
