Emaar Properties PJSC climbed for a second day on the Dubai-based developer’s plans to sell at least 15 percent of its mall unit in September and distribute 5.3 billion dirhams ($1.44 billion) of the proceeds as a dividend.
Shares advanced 5.4 percent to 11.75 dirhams, the highest since February 2008, at 10:42 a.m. local time. That brings the two-day gain to 15 percent. The company, which said in March it would sell 25 percent of the business, will make the dividend payment as part of plans to distribute about 9 billion dirhams to its owners including the Dubai government, Emaar said in a statement yesterday. The listing is expected in October, an Emaar spokesman said, asking not to be identified citing company policy.