RIYADH: Tecom Group is aiming for an annual dividend payout of 800 million dirhams ($218 million) following its listing in the first half of the year.
The firm, which is part of state-owned Dubai Holding, may go public as early as June, Bloomberg reported citing an unnamed source.
The initial public offering of Tecom is part of Dubai’s plans to strengthen its capital market by selling stakes in as many as 10 state assets.
The city raised $6.1 billion by listing its main utility in April, the second-largest IPO of the year, according to Bloomberg.
Details regarding the potential size or valuation were not immediately available, and no definitive decisions regarding the timeline have been made.
