Emirates Post Holdings, the umbrella organisation for the national postal service of the UAE, has edged closer to its goal of going public on the Abu Dhabi Securities Market.
The UAE’s Council of Ministers has approved a draft law stating that shares in Emirates Post Holdings can float on the stock market.
The UAE government will retain a 51% share in the postal operator, with the rest sold as shares in an IPO in the second half of 2007.
Emirates Post Holdings was created late last year in a move designed to create a broader range of commercial services. It was hoped that more autonomous business units would perform better than a bloated single corporation.
Even with this streamlining, an initial public offering (IPO) in the second half of this year looks optimistic given that Emirates Post Holdings is yet to finalise the members of its board of directors.
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