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Wed 27 Aug 2008 03:26 PM

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Dubai's Al Habtoor plans to sell 40% shares to public

IPO next year will guarantee the continuity of company, says chairman.

Dubai-based Al Habtoor Leighton Group plans to sell as much as 40 percent of its shares in an initial public offering in Dubai next May.

“The company doesn’t need capital from the IPO, but it would benefit from the structure and demands that come with being a publicly traded company,” Khalaf Al Habtoor, chairman of Al Habtoor Group, told Bloomberg today.

“An IPO would guarantee the continuity of the company,” he added.

HSBC Holdings Plc and EFG-Hermes Holding SAE are helping Al Habtoor Leighton Group with its planned share sale.

Al Habtoor declined to comment on the amount of capital the company is planning to raise or how many shares may be sold as the evaluation process is not complete yet.

The Al Habtoor Leighton Group was established last September following the merger of Al Habtoor Engineering with the Gulf operations of Leighton International. Leighton is Australia’s largest construction company and is also controlled by Hochtief AG, Germany’s biggest construction company.

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