By Courtney Trenwith
Sources claim the family-owned business is looking to sell 30% of the company as early as the first half of 2015
Dubai conglomerate Al Habtoor Group has reportedly reinitiated plans to launch a multibillion dollar initial public offering (IPO) that would be the biggest since 2007.
Two years after abandoning a planned listing, sources have reportedly told The National that the family business is presently being evaluated – with a potential value of $2.5 billion – and would make an announcement as early as the first half of next year.
One of the anonymous sources said Al Habtoor had received “tentative” approval from federal regulator the Securities and Commodities Authority to sell 30 percent of the company on the Dubai Financial Market.
However, a spokeswoman for Khalaf Al Habtoor said the company’s position had not changed.
“We at the Al Habtoor Group are always reviewing our options and the way forward. We’ve been studying an IPO for some years now, and nothing has changed in that matter. We have no further comment on this,” she said, according to a statement published in the newspaper.
Improved economic conditions following the global financial crisis have seen several large IPOs or announcements in the emirate in the past 12 months.