Majid Al Futtaim strongly denies reports of stake sale, calls claims ‘misleading’

Dubai: Majid Al Futtaim has strongly denied reports suggesting it is considering selling a stake or parts of its business, calling such claims “entirely inaccurate, unfounded and misleading.”

In a statement shared with Gulf News, the Dubai-based conglomerate said there are “no planned changes to its governance, shareholding or company structure,” directly addressing a Bloomberg report that claimed government-appointed officials were exploring strategic options including a potential stake sale.

Bloomberg reported yesterday that officials overseeing Majid Al Futtaim Holding LLC had discussed several options for the $19 billion group, including the sale of a minority stake or an initial public offering.

The report, citing unnamed sources, said talks were in early stages and no final decisions had been made.

No changes to ownership structure

“Majid Al Futtaim categorically refutes any claims of stake sales, business sell-offs, or changes to our governance or ownership structure,” the statement read.

The company said it “remains fully backed by its shareholders and its independent Board,” adding that its long-term strategy is anchored in “financial strength and stability.” It described itself as a “resolute stalwart for MENA’s economies” as it enters its fourth decade in business.

Bond issue sees investor demand

Alongside clarifying its ownership structure, MAF pointed to robust investor confidence reflected in its latest debt offering. The group said it issued a hybrid bond that was oversubscribed more than five and a half times and priced at 5.75 per cent.

“This overwhelming investor demand underscores the confidence of the global financial community in Majid Al Futtaim’s robust fundamentals and prudent capital management,” the company noted.

Focus on growth across multiple sectors

The company, whose retail, property, leisure, and entertainment businesses span the MENA region, emphasised it continues to deliver “sustained value” across its portfolio.

MAF reiterated its commitment to a disciplined approach to expansion and a clear strategy “to lead us into our fourth decade and beyond.”