Emirates to sell up to 30% stock in IPO

Dubai: Dubai's Emirates intends to sell as much as 30 per cent of its shares to the public, to help finance aircraft purchases, the state-owned carrier's chairman said on Tuesday.

"We have not begun any steps so far, but the intention is there," Emirates Chairman Shaikh Ahmad Bin Saeed Al Maktoum told Al Arabiya television.

"We are talking about 20-30 per cent," he said, without indicating when the shares would be sold.

Emirates airline president Tim Clark said last month that any initial public offering by the airline should value the company at up to $30 billion.

Emirates spokesman Mike Simon said Shaikh Ahmad had said in the past that the airline was considering an IPO within the next two or three years.

"The timing of such an IPO, if there was to be one would be a decision for the government of Dubai," Simon said.

Shaikh Ahmad said an IPO would help Emirates finance the fleet expansion and boost Dubai's capital markets.

"We always back this step (listing). It would be positive for the market...because Emirates airline is one of the region's big companies," he said.

Shaikh Ahmad said Emirates could also issue bonds to help finance its purchases.