Nakheel may offer shares, you might be able to own part of the palm islands

[RB TexLa]

DUBAI, United Arab Emirates (AP) -- The developer of palm-shaped islands off Dubai's coast said Sunday it is considering selling shares to the public but didn't say how soon.

Nakheel made the comments in response to questions about a published report that it is working with investment bank JPMorgan Chase & Co. on a plan to possibly float its shares in London and Dubai later this year.

"A company the size of Nakheel is constantly exploring all capital raising options," the Dubai-based developer said in an emailed statement. Nakheel said an initial public offering is among the possibilities being considered, though it added that this "doesn't mean that an IPO is imminent."

London's Sunday Telegraph newspaper reported that Nakheel was working with bankers on a plan to raise as much as $15 billion through stock sales.

The paper said JPMorgan was working on various proposals, including a dual listing on the Nasdaq Dubai and in London, though the timing of the offering was not yet decided.



http://biz.yahoo.com/ap/090104/ml_dubai_nakheel.html?.v=4