UAE - Mubasher: Dubai Holding, owned by Sheikh Mohammed bin Rashid Al Maktoum, is considering an initial public offering (IPO) of the business enabler TECOM Group, three sources told Reuters.
The U.S. investment banks Morgan Stanley, Goldman Sachs, and Swiss bank UBS are about to secure a mandate for roles on the IPO, said the sources.
One of the sources said that the transaction's size will be determined after the assets that will be injected into the listed vehicle are finalised.
It is noteworthy to mention that last week, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, announced plans to list ten government and state-owned companies on the Dubai Financial Market (DFM).
