36 Emaar shares to get 1 share in malls IPO

Dubai's Emaar Properties said on Wednesday that its existing shareholders will be allocated one share in its malls unit IPO for every 36 held in the parent firm.

Shareholders can buy the shares in Emaar Malls Group (EMG) on a preferential basis at the price that is set by the institutional book building process, the company said in a statement to Dubai's bourse.

Emaar is aiming to sell 2 billion shares in EMG, representing 15.4 percent of the unit's share capital.

It said when announcing the offering that 10 percent of these shares would be made available for allocation to existing shareholders in priority to other applicants.

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