ALEC to list soon as Dubai sells 20% stake

INVESTMENT CORPORATION OF DUBAI TO RETAIN 80%

- BY JUSTIN VARGHESE

ALEC Holdings, one of the UAE's largest engineering and construction firms, will go public this month in a move set to bring a state-owned contractor onto the Dubai Financial Market (DFM) for the first time.

The company will sell 1 billion shares, equal to 20 per cent of its capital, through an initial public offering (IPO). The shares are being sold by the Investment Corporation of Dubai (ICD), which will continue to hold 80 per cent after the deal.

Subscription opens on September 23, and closes on September 30, with trading expected to start on October 15.

How the IPO is structured