FINANCIAL NEWS

Abu Dhabi’s Manazel to launch IPO in 2012

25 Apr 2012

(MENAFN) Manazel Real Estate’s chairman, Mohamed Mehanna Al Qubaisi, stated that in 2012, the developer will launch an initial public offering (IPO), reported The National.

Al Qubaisi added that new listing rules will be introduced in the country, which wouldn’t oblige companies to raise their capital if they want to go public, and Manazel will wait until the new regulations are passed.

On the other hand, he said that the Abu Dhabi-based company made a USD98 million profit in 2011, whereas revenue reached USD353 million.

It is worth noting that Manzel’s annual recurring revenue from its existing commercial, residential and retail portfolio is around USD54.42 million.

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