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Tue 3 Nov 2009 11:37 AM

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UAE's Daman Investments eyes IPO by 2012

Investment firm to raise shareholder base to a maximum of 4m shares over next 3 yrs.

UAE's Daman Investments on Tuesday said it may sell shares to the public by 2012 to tap opportunities in the Gulf region.

"We have taken a hard look at the markets and are confident our long term, positive view is justified," Managing Director Shehab Gargash said in a statement, adding it planned an initial public offering by 2012.

"Over the next three years the original shareholder base of Daman will be increased from 2 million shares to a maximum of 4 million shares," Daman said.

The investment firm was formed in 2000 by several prominent UAE investors. Daman acts as a parent company for several wholly-owned subsidiaries with activities ranging from asset management to private equity. Daman's IPO plans reflect the slow but gradual return of companies' appetite to return to the capital markets, a trend that came to a standstill as a result of the financial crisis.

Analysts expect IPO activity to gather steam again from 2010.(Reuters)

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