Emaar seeks nod to offload 30% development unit stake via IPO

Dubai: Emaar Properties said it has sought a nod from its board in a meeting scheduled on September 20 to offer 30 per cent stake in its development unit through a primary offer.

The board will also discuss its entry into a financing arrangement with First Abu Dhabi Bank, the company said in a statement posted on Dubai Financial Market’s website.

Emaar had earlier said that it would use the proceeds of the IPO to distribute dividends among its shareholders. Emaar Properties closed 2.17 per cent higher at Dh8.93, after hitting a 52-week high nearing Dh9.