Empost plans $272mn IPO

UAE's state-owned Emirates Post (Empost) plans to raise about 1 billion dirhams ($272.3 million) selling shares to the public within two months, Chief Executive Abdalla al-Daboos said in remarks published on Thursday.

Empost, the sole provider of postal services in the UAE, expects to sell a 49% stake in an initial public offering and would offer about 5 to 8 percent of that to non-UAE nationals, al-Khaleej quoted Daboos said as saying.

The firm, which started cargo unit Empost Air last year, was in talks to spend up to 1.5 billion dirhams on Asian acquisitions and would start a banking joint venture with Noor Islamic Bank, Daboos said in January.

Lebanon's Makhzoumi family said this week it would sell shares in Dubai-based Future Pipe Industries in an IPO, while Dubai-based interiors contractor Depa Ltd is also planning a public share sale. (Reuters)

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