RIYADH / Reuters
Emaar Properties expects to pay a special dividend to shareholders by December or January from proceeds of a partial listing of its real estate business, the property developer’s chairman said on Tuesday.
Dubai’s largest listed property developer had said on Sunday it expects to list 20% of Emaar Development. It has received shareholder approval to list up to 30%.
“We suggested 20 percent looking at what kind of value we’re getting out of the whole IPO (initial public offering),” Emaar Chairman Mohamed Alabbar said at a Riyadh press conference.
“The 20 percent looks reasonable and then we’re estimating that we’ll be able to do that and take the 20 percent and distribute a good chunk of it to our shareholders I hope by December or January.”