RIYADH: Dubai-based Tecom Group has approved a plan to convert into a public joint-stock company, as it aims to push ahead with a potential initial public offering.
Shareholders of the business park operator approved the conversion from a limited liability company last month, Bloomberg reported.
The firm, backed by state-owned Dubai Holding, is planning to list its shares on the Dubai Financial Market, as announced in December.
Tecom firm hosts major complexes including Dubai Internet City, Dubai Media City, Dubai Design District, and Dubai Industrial Park.
Goldman Sachs, First Abu Dhabi Bank, Emirates NBD, Morgan Stanley, and UBS Group AG have been selected to arrange the prospective IPO, Bloomberg said citing unnamed sources.
