Dubai – Mubasher: Union Properties (UP) on Monday unveiled a plan to offer the shares of its facilities management unit, ServeU, in an initial public offering (IPO) in the second half of 2018 on the Dubai Financial Market (DFM).
UP also plans to invest the IPO’s yields in promoting its operations and developing its investment portfolio, according to a company statement.
ServeU is one of the most important companies among UP’s units, which proved during three decades the effectiveness and reliability of its services, said Ahmed Yousef Khouri, the UP’s CEO.
It is the appropriate time to launch ServeU’s IPO, when the company eyes a new development era, Khouri added.
UP did not reveal the stake it will offer to the public as part of the planned IPO.
