Emaar issues clarification on Malls Group IPO timing

Dubai-based Emaar Properties has issued a clarification about the proposed timing of the initial public offering (IPO) of its division Emaar Malls Group.

In a statement to the Dubai Financial Market (DFM), where Emaar is listed, the firm rejected reports suggesting that the Emaar Malls Group IPO will be launched in mid-September as “purely speculative.”

“We would like to clarify that these reports are purely speculative and that no decision has been taken on the timing of the proposed offering,” Ayman Hady, Emaar’s Executive Director – Legal, said in the note to the DFM.

“Details of the proposed listing of Emaar Malls Group wil be announced in due course,” he added.

Emaar had earlier this year announced plans to list the Emaar Malls Group, its shopping malls and retail subsidiary, marking one of the largest public offerings in the region since 2008. In March this year, Emaar said that, subject to market conditions, it will list up to 25 per cent of the Emaar Malls Group equity through a secondary offering of shares.

Emaar Malls & Retail is one of the high-growth business entities of Emaar, having recorded full-year 2013 revenue of Dh2.837 billion ($772 million), an increase of over 20 per cent compared to the revenue in 2012.

Mohamed Alabbar, Chairman of Emaar Properties, had then said: “Today, Emaar’s shopping malls and retail subsidiary is our high-performing business, which derives its growth impetus from the sustained growth of Dubai and its reputation as an international business and leisure hub.”

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