Emirates air to sell up to 30 pct of shares in IPO
DUBAI, Nov 13 (Reuters) - Dubai's Emirates, the largest Arab airline, intends to sell as much as 30 percent of its shares to the public, to help finance aircraft purchases, the state-owned carrier's chairman said on Tuesday.
"We have not begun any steps so far, but the intention is there," Emirates Chairman Sheikh Ahmed bin Saeed al-Maktoum told Al Arabiya television. "We are talking about 20-30 percent," he said, without indicating when the shares would be sold. Emirates airline president Tim Clark said last month that any initial public offering by the airline should value the company at up to $30 billion. Emirates spokesman Mike Simon said Sheikh Ahmed had said in the past that the airline was considering an IPO within the next two or three years. "The timing of such an IPO, if there was to be one would be a decision for the government of Dubai," Simon said.
Emirates announced around $35 billion of aircraft purchases at the Dubai air show this week, including 70 Airbus A350s and and options for 50 more. The airline also extended its lead as the biggest buyer of the Airbus A380 superjumbo by adding another 11. The orders included 12 long-range 777-300ERs from Boeing Co worth $3.2 billion.
Sheikh Ahmed, a member of Dubai's executive committee headed by the emirates Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, said an IPO would help Emirates finance the fleet expansion and boost Dubai's capital markets. "We always back this step (listing). It would be positive for the market...because Emirates airline is one of the region's big companies," he said.
DP World, the world's fourth-largest container port operator, became first Dubai government-owned firm to sell shares in an IPO this month. Emirates, which started in 1985 with two planes, has grown to rival carriers such as Qantas Airways and Singapore Airlines for passenger traffic between Europe and east Asia. Sheikh Ahmed said Emirates could also issue bonds to help finance its purchases.
DUBAI, Nov 13 (Reuters) - Dubai's Emirates, the largest Arab airline, intends to sell as much as 30 percent of its shares to the public, to help finance aircraft purchases, the state-owned carrier's chairman said on Tuesday.
"We have not begun any steps so far, but the intention is there," Emirates Chairman Sheikh Ahmed bin Saeed al-Maktoum told Al Arabiya television. "We are talking about 20-30 percent," he said, without indicating when the shares would be sold. Emirates airline president Tim Clark said last month that any initial public offering by the airline should value the company at up to $30 billion. Emirates spokesman Mike Simon said Sheikh Ahmed had said in the past that the airline was considering an IPO within the next two or three years. "The timing of such an IPO, if there was to be one would be a decision for the government of Dubai," Simon said.
Emirates announced around $35 billion of aircraft purchases at the Dubai air show this week, including 70 Airbus A350s and and options for 50 more. The airline also extended its lead as the biggest buyer of the Airbus A380 superjumbo by adding another 11. The orders included 12 long-range 777-300ERs from Boeing Co worth $3.2 billion.
Sheikh Ahmed, a member of Dubai's executive committee headed by the emirates Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, said an IPO would help Emirates finance the fleet expansion and boost Dubai's capital markets. "We always back this step (listing). It would be positive for the market...because Emirates airline is one of the region's big companies," he said.
DP World, the world's fourth-largest container port operator, became first Dubai government-owned firm to sell shares in an IPO this month. Emirates, which started in 1985 with two planes, has grown to rival carriers such as Qantas Airways and Singapore Airlines for passenger traffic between Europe and east Asia. Sheikh Ahmed said Emirates could also issue bonds to help finance its purchases.
