UAE: Dubai’s state-owned water, power utility plans public offer
DUBAI, United Arab Emirates (AP) — The state-owned utility in Dubai announced plans Tuesday to list a sliver of its worth on the emirate’s stock exchange.
The announcement comes as the sheikhdom in the United Arab Emirates tries to revitalize its Dubai Financial Market exchange, which has seen several firms delist amid recent economic woes.
The Dubai Electricity and Water Authority said it would offer 3.25 billion shares on the stock market, which it put as equivalent to 6.5% of its overall worth. It did not provide an initial price for the shares.