Aldar Properties PJSC surged to the highest in almost four years after Abu Dhabi’s largest publicly traded developer said it plans to sell shares in a property management unit.
The shares gained 4 percent to 3.86 dirhams, the highest since May 2010. Aldar owns 60 percent of facilities manager Khidmah and plans to sell shares in the unit in “coming years,” the company said in a statement yesterday. The rally helped push the emirate’s benchmark measure 0.9 percent higher.
The stock has advanced almost 40 percent this year as the company benefits from a recovery in the United Arab Emirates’ property market. Emaar Properties PJSC, the developer of the world’s tallest tower, plans to sell a stake in its shopping malls and retail business to reward shareholders. Its shares have gained 32% this year.
“Any such news, especially the new listings, generate interest from the retail investors. Harshjit Oza, assistant director of research at Cairo-based Naeem Holding, said by phone. The markets are at a high level and this is ‘‘the best time for developers to unlock value for shareholders,’’ he said.
Khidmah doubled profit in 2013 to 19 million dirhams ($5.2 million) while revenue rose 22 percent to 156 million dirhams, Aldar said in the statement.