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Thu 4 Nov 2010 12:12 PM

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Dubai Investments to sell 30% of unit through IPO

Initial Public Offering for Masharie unit will be launched in the first half of 2011

Dubai Investments to sell 30% of unit through IPO
Dubai Investments Co said on Thursday that it plans to sell a 30 percent stake in its Masharie unit through an initial public offering next year. (Getty Images)

Dubai Investments Co said on Thursday that it plans to sell a 30 percent stake in its Masharie unit through an initial public offering (IPO) next year.

The IPO for Masharie, the private equity arm of Dubai Investments, will be launched in the first half of 2011, the company said in a statement to the Dubai bourse.

The firm's shares slipped by 0.1 percent at 0700 GMT, in line with the broader Dubai index DFM that was lower by 0.3 percent.

Dubai Investments reported a 19.8 percent drop in third quarter net profit on Monday hit by fall in rental income and contract revenue. The firm made a net profit of AED213.6m ($58.17m) for the three months ended September 30, down from AED266.19m in the same period last year.

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