Emirates Post to float 40 percent shares in 200

Emirates Post will float at least 40 per cent ofits shares in the local market by the end of this year, a top official from the company said yesterday. Abdulla Ibrahim Al Daboos, director-general of Emirates Post, said that the issue will first be discussed with the board of directors and then with the Prime Minister cabinet for the final approval. The IPO will do tremendous impact on the financial market.’ He said the company was not planning to go beyond that limit, according to a report in Khaleej Times Emirates Post expects to boost its annual turnover by 10 per cent this yearby continuing to diversify its range of services and believes postal services across the Gulf region can follow its example. According to AlDaboos, diversifying into non-postal services helped the company to achieve earnings of around Dh300 million last year. Emirates Post is also planning to have its own fleet of aircraft for cargoservices – the issue that will be discussed with the government in the near future and is also looking at acquiring another company to provide shipping and logistics services. The company is about to close a deal with a major international financial services company, which operates in 42 countries across the globe. Emirates Post is currently finalising the deal to acquire that company, according to the report.