DUBAI: Dubais Emaar Properties confirmed yesterday that the initial sale of shares in its malls unit is priced at the top of the proposed range amid massive demand from investors, making it the largest stock offer in a Gulf Arab economy since 2008. Shares in the initial public offering (IPO) of Emaar Malls Group were priced at 2.90 dirhams per share, giving an overall sale value of 5.8 billion dirhams (RM5.17 billion), the parent firm said in a filing. With a market value of 37.7 billion dirhams upon listing, it will become the third-largest stock on the Dubai Financial Market when it begins trading on October 2. Reuters
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