Reuters reported that Al Habtoor Group has postponed a planned initial public offering.
The group,which gave no reasons for the decision,had planned to raise as much as USD 1.6 billion through an initial public offering on the Nasdaq Dubai next year.
Mr Khalaf Al Habtoor chairman of Al Habtoor Group in a statement said that"After a thorough evaluation I have decided to postpone the IPO.It is a moral issue not taking the group public at this time.I will continue to focus on best practice and growing the company in a sustainable way."
Al Habtoor said that the company,whose portfolio spans the hospitality,construction,education and automotive sectors,had hired Grant Thornton as financial adviser for the planned IPO,which would have involved new shares worth 25%of its capital being sold to the public.
