Empost in talks over $817mn IPO

IPO IMMINENT: Empost is looking to sell 49% of shares to the public.

State-owned Emirates Post (Empost) plans to start discussions with financial advisers next month on the sale of 49% of its shares to the public, the company's director general said in remarks published on Sunday.

The postal company would choose three lead managers and complete a valuation before starting the initial public offering (IPO), Abdulla Al-Daboos was quoted in UAE daily Emirates Business 24/7 as saying.

"The valuation cannot be less than 3 billion dirhams ($817 million)," Daboos said.

Empost planned to sell existing shares to Gulf Arab investors and foreign residents of the UAE, Daboos said last year.

It would use IPO proceeds to acquire logistics companies, financial services firm specialised in remittances, and express mail companies in Asia, he had said. (Reuters)

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