Dubai’s Al Habtoor Group says still mulling IPO

Dubai-based conglomerate Al Habtoor Group is still considering plans for an initial public offering (IPO), and has updated its records to prepare for the listing process.

However, the company has confirmed that it will not be going public in the near term.

“We have been considering an IPO for a number of years, and this situation remains unchanged,” a company spokesperson told Argaam.

“We constantly update our records, as part of this ongoing process.

However, we do not anticipate taking the company public in the foreseeable future.”

Earlier, Al Habtoor’s chief executive Mohammed Al Habtoor told Bloomberg in an interview that the firm was edging closer to an IPO after reviewing prospects for a listing over the last 15 years.

“We have all the documents ready, all that we need to do is to update all the information” to include revenue from the recently completed Al Habtoor City project, Al Habtoor was quoted as saying.

He added that Al Habtoor was still looking at the possibility of further acquisitions in Europe, along with real estate projects in Eastern Europe, specifically.

In 2012, the firm said put plans for a share sale on hold due to a lack of sufficient investment opportunities.

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