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Dubai's Tecom Group, the business park operator that houses offices of more than 6,000 companies, approved a plan to convert itself into a public joint stock company ahead of a book-build initial public offering.
The shareholders last month approved the conversion from a limited liability company, according to an advertisement published in Dubai-based Gulf News. Tecom plans to list its shares on the Dubai Financial Market.
Dubai said in December that it plans to list Tecom, part of state-owned Dubai Holding, on its stock market. The firm hosts 10 large business complexes such as Dubai Internet City, Dubai Media City, Dubai Design District and Dubai Industrial Park.
Tecom has hired Emirates NBD PJSC, First Abu Dhabi Bank PJSC, Goldman Sachs Group Inc., Morgan Stanley and UBS Group AG to help arrange the potential IPO, people familiar with the matter said last month.
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