Dubai Investments to sell 30pc of unit in IPO

Friday, 5 November 2010 05:38 - - {{hitsCtrl.values.hits}}

Dubai-(Reuters)- Dubai Investments Co said on Thursday that it plans to sell a 30 percent stake in its Masharie unit through an initial public offering (IPO) next year.

The IPO for Masharie, the private equity arm of Dubai Investments, will be launched in the first half of 2011, the company said in a statement to the Dubai bourse.

The firm’s shares slipped by 0.1 percent at 0700 GMT, in line with the broader Dubai index that was lower by 0.3 percent.

Dubai Investments reported a 19.8 percent drop in third quarter net profit on Monday hit by fall in rental income and contract revenue.

The firm made a net profit of 213.6 million dirhams ($58.17 million) for the three months ended September 30, down from 266.19 million dirhams in the same period last year.