Emaar Malls Group jumps 20pc on listing
DUBAI, 1 days ago
Shares in Dubai’s Emaar Malls Group (EMG) jumped in early trade on Thursday as the stock started trading on Dubai’s main stock exchange and drained liquidity from the rest of the emirate’s market.
EMG shares, which were sold at Dh2.90 in the heavily oversubscribed $1.6 billion initial public offer, rose 13.8 per cent to Dh3.30 after surging as much as 20 per cent and dominated trading volumes at Dubai Financial Market (DFM).
Dubai’s main index, which does not yet include the stock, slid 1.6 per cent as investors rushed to buy EMG and sold other stocks. EMG’s parent company, Emaar Properties, was hit hardest, tumbling 3.9 per cent.
EMG shares appear under the trading symbol EMAARMALLS on DFM screens, trading system and publications.
The listing lifted the total number of listed companies on DFM to 56.
The IPO of EMG is the biggest of its kind in the UAE since 2007 and has been implemented through the DFM “eIPO” platform, a sophisticated and efficient solution for IPO subscription directly linked with the receiving banks.
Mohamed Alabbar, chairman, EMG; Essa Kazim, chairman, DFM; and senior representatives from both companies attended the listing ceremony at DFM’s trading floor.
Alabbar said: “The listing of Emaar Malls on DFM marks the beginning of an exciting new chapter in the development of the company. The reception by both institutional and individual investors in the IPO has been overwhelming and marks a significant step forward in the maturation of the UAE capital markets.
“Emaar Malls has delivered strong growth and profitability since it was established. Our iconic retail premises, augmented by our world-class management team, ensure that we are well-placed to deliver value for our shareholders in future. This is the start of a new journey for our malls business and our priority is to focus our energies on meeting and exceeding the expectations of our shareholders through innovative business approaches and strategic expansion,” he said.
Kazim said: “We are delighted to welcome the listing of Emaar Malls Group on DFM, which underlines the unique and fruitful partnership with Emaar since the market inception in the year 2000. Emaar Properties has always been one of the most prominent market leaders on DFM and strongly contributed in its growth and development.” – TradeArabia News Service
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