A major free zone operator in Dubai said Thursday it would make an initial public offering on the local stock market.
The TECOM Group plans to offer 625 million shares on the Dubai Financial Market. TECOM said it planned to offer investors dividends of $218 million a year for the next three years.
TECOM is the owner, manager and operator of 10 strategic, sector-focused business districts across Dubai and a major contributor to the rapid growth of Dubai's knowledge and innovation-based economy.
The offer would represent 12.5% of all shares of TECOM, a subsidiary of Dubai Holding.
“With our intention to list ... we are expanding our contribution to Dubai’s financial market and bolstering our vision to further unlock the emirate’s economic and business growth potential," said Malek Al Malek, TECOM's chairman.
TECOM said it hoped to begin trading its shares on July 5.
