The Gulf emirate of Abu Dhabi plans to raise 294 million dirhams ($80 million) from the sale of a 49 percent stake in Emirates Foodstuff and Mineral Water Company (Agthia), the financial adviser said in a statement. Up to 294 million shares valued at one dirham each are to be sold - 212.4 million of which will be offered to nationals of the United Arab Emirates in an initial public offering, HSBC said in the statement received on Monday. The IPO will open on December 27 and close on January 13, 2005.
The remaining 81.6 million shares of the state-owned company, also known by its Arabic name Agthia, will be offered to its employees and state-run investment agencies.
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