IPO plan by Dubai firm
Dubai's Depa United Group, an interiors contracting company, hopes to raise $500 million in an initial public offering in the second quarter of 2008 to fund growth.
The money would be used to fund expansion into new markets and acquire stakes larger than 30 per cent in international interiors contracting companies, the paper quoted Depa Chief Executive Officer Mohannad Sweid as saying.
Mr Sweid did not say how many shares would be sold but said the the IPO would be open to investors of all nationalities.
Depa said in October it planned to raise at least $400m by listing shares on the Dubai International Financial Exchange and Global Depositary Receipts in London.
The firm won a $163.4m contract last year to fit out apartments in Burj Dubai.
The money would be used to fund expansion into new markets and acquire stakes larger than 30 per cent in international interiors contracting companies, the paper quoted Depa Chief Executive Officer Mohannad Sweid as saying.
Mr Sweid did not say how many shares would be sold but said the the IPO would be open to investors of all nationalities.
Depa said in October it planned to raise at least $400m by listing shares on the Dubai International Financial Exchange and Global Depositary Receipts in London.
The firm won a $163.4m contract last year to fit out apartments in Burj Dubai.
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