TECOM Group, operator of business parks with offices for about 6000 companies in Dubai, has drawn up a plan to transform itself into a public joint stock company before building the order book for an initial public offering.
According to Arabiya Net, Bloomberg Agency said that the company's shareholders agreed last month to convert from a limited liability company, according to an announcement published in the Dubai-based newspaper, 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 government-owned Dubai Holding, on the local stock market.
The company operates 10 large business parks such as Dubai Internet City, Dubai Media City, Dubai Design District and Dubai Industrial Park.
Tecom has hired Emirates NBD, First Abu Dhabi Bank, Goldman Sachs Group, Morgan Stanley and UBS Group to help arrange the potential IPO, people familiar with the matter said last month
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