FINANCIAL NEWS

UAE-based Danube plans to go public

12 May 2010

(MENAFN) The Chairman of Danube Building Materials said that the UAE-based building materials company is planning to launch an initial public offering (IPO) in the UAE or Saudi Arabia in the next five years, Gulf News reported.

With a view to hit $817 million in the next three to four years, as the market fully recovers and prices normalize, the company revealed that it is also open to dual listing in both countries (the UAE and Saudi Arabia).

The chairman affirmed that this year, Danube is targeting to secure 30 to 40 percent growth, and is confident of the prospects given the region?s steady movement towards recovery.

It is worth mentioning that Danube Building Materials started as a building materials supplier, but has since diversified into a one-stop shop concept called ?Danube Buildmart? last year.

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