By Amr Adel
Dubai – Mubasher: Mawarid Finance continues to target an initial public offering for portion of its shares on Dubai Finance Market, according to its chief executive.
The company shelved the flotation plan last year due to market conditions.
CEO Mohamed M. Al-Naimi told Mubasher, during a company event held Sunday, that Mawarid is fulfilling all required procedures and obtaining relevant approval and is awaiting improved market conditions to take such a step.
Earlier this year, DFM’s Chief Executive Officer Essa Kazim said the bourse would see the listing of one or two companies that are prepared to float their shares during 2016.
“Currently that are a minimum of ten companies that are prepared to go public on DFM,” said the top executive in an emailed statement to Mubasher.
He added that some of these companies communicated with the regulatory bodies, but there is nothing definite about the timing of the share floating.
The IPOs activity was halted for several years due to the global financial crisis, then resumed in Dubai in 2014. Meanwhile, some companies shelved their IPO move on worries about the fallout of the oil decline on the economy.
Translated by Sayed Abdel Rahman
