Wednesday, January 20, 2016

(Adds detail, context)

DUBAI, Sept 7 Al Shafar General Contracting(ASGC) has hired Goldman Sachs and two other banks toarrange a potential initial share sale on the Dubai FinancialMarket, sources familiar with the matter told Reuters on Monday.

The Dubai-based company, whose projects have included theWaldorf Astoria hotel on the emirate's manmade palm-shapedisland, has hired the U.S. investment bank, according to asenior banker and an United Arab Emirates-based banker whodeclined to be named because the information is not public.

Egypt-based EFG Hermes and Emirates NBD are also arranging the Dubai flotation, according to the seniorbanker and a separate industry source.

ASGC declined to comment.



Existing shareholders will provide the stock for the IPO,the UAE banker said. The company was co-founded by Emad Azmy, anEgyptian engineer, and Emirati national Mohamed Seif Bin Shafarin 1989.



Dubai's bourse has been volatile in recent weeks due toconcerns over Chinese economic growth, the timing of an expectedrise in U.S.

interest rates and the falling price of crude oil.

ASGC's listing will likely follow a bookbuilding withinsitutional investors, as did the Emaar Malls Group flotation last year, according to the senior banker and the UAEbanker.

Dubai companies had previously floated shares at a fixedprice.

The company had considered launching an initial publicoffering in 2008 but the global financial crisis and a slump inthe.

local property market prevented the move, a constructionindustry source said. (Reporting by Hadeel Al Sayegh, David French and Tom Arnold;editing by Jason Neely and Louise Heavens)


Publicado por resolutegatheri27 @ 10:28 PM
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