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Dubai: Boutique Middle East property developer, Abyaar Real Estate Development Company (Abyaar) on Saturday said that it intends to pursue a capital increase and secondary listing on the Dubai Financial Market (DFM).
The company, which has appointed NBD Investment Bank, an Emirates NBD company, as its financial adviser and lead placement agent, has submitted an application to the Emirates Securities and Commodities Authority (ESCA) and to the DFM for approval to list its shares on the DFM. Abyaar shares are already listed on the Kuwait Stock Exchange.
"A capital increase will support us in our ambitious growth plans, which involve further funding of our land bank and diversification into new markets in the Gulf. A listing on the DFM provides an opportunity for UAE based investors to have direct access to this strong and growing market," said Marzouq Rashid Al Rashdan, vice-chairman and managing director.
The capital raising is expected to be launched within the first half of 2008, with the listing on DFM expected within weeks of the launch, subject to ESCA and DFM approval.
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