(MENAFN) UAE's conglomerate Al Habtoor Group has shelved what would have been one of the largest initial public offerings (IPOs) in the UAE's recent history, Arabian Business reported.
Chairman Khalaf Al Habtoor said earlier this year that he was planning to raise up to USD1.6 billion by floating on the NASDAQ Dubai in either March or September next year.
The size of the planned IPO had been expected to boost UAE markets, which have not seen a major listing take place since Drake & Scull International's move to go public back in 2008.
Al Habtoor also said that Grant Thornton, which had been hired to advise on the IPO, had valued the company at USD6.06 billion.
He added that the valuation excluded four properties in Beirut, and one in Hungary, as well as the group's shareholding in Habtoor Leighton Group and "several other investments in public shareholding companies".
The group expects a 16 percent increase in full-2012 year profits to over USD191.8 million.
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