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08 December 2023

Empost plans IPO in second half of '08

By Agencies

State-owned Emirates Post (Empost) plans to sell up to 40 per cent stake to the public in the second half of 2008, a cabinet minister said in remarks published in al-Khaleej daily on Sunday.

The company had appointed advisors to complete a valuation of the its five divisions before the initial public offering, said Minister of Governmental Sector Development Sultan al-Mansouri, according to al-Khaleej.

The valuation would not be less than Dh3 billion ($816.8 million), Emirates Business quoted Empost Director-General Abdulla al-Daboos as saying last month.

Empost planned to use the money it raises to acquire logistics companies, financial services firms specialised in remittances and express mail companies in Asia, al-Daboos had said in 2006.

Mansouri, also chairman of the supreme committee for the supervision of the UAE telecom sector, confirmed that the country planned to reduce the amount of royalties the country's two telecom firms pay to the government.

He did not give details. State-controlled Emirates Telecommunications Corp and du pay 50 per cent of annual profit to the federal government. (Reuters)