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FINANCIAL NEWS
Damac to raise USD500 m from London IPO
04 Nov 2013
(MENAFN) UAE-based Damac said that it plans to float on the London Stock Exchange aiming to raise USD500 million, Arabian Business reported.
The property developer stated that the shares will be offered in the form of Global Depository Receipts (GDRs).
The company said it has developed 8,887 properties since 2002 at a total worth of USD3.1 billion. Last year’s profits came at USD212.1 million from USD692 million in sales, while in this year’s first half, profits of USD332 million were recorded from sales of USD631.9 million.
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