Emaar India IPO soon

[ITSME]

Hi THAJ,
Did you read the below news on BLOOMBERG? what wILL be the effect of the news on our share market (DFM)...

Bloomberg 20 November 2009:

Emaar India Unit to Sell Shares in Coming Weeks, Chairman Says By Zainab Fattah and Margaret Brennan Emaar Properties PJSC (EMAAR), the developer building the world’s tallest skyscraper in Dubai, plans an initial share offering in India “in a few weeks,” Chairman Mohammed Alabbar said. “India has done extremely well for us, and that’s why we are going public in India, probably in a few weeks,” he said in an interview at the World Economic Forum in Dubai, where the company is based. “The banking system is solid and India is still a conservative environment that suits us well.” New Delhi-based Emaar MGF Land Ltd. plans to raise 38.5 billion rupees ($800 million) in the offering. The unit, which scrapped a $1.64 billion initial public offering in February last year, had 29 residential and commercial projects under way at the end of August. “I would really lean towards India because it’s a huge economy,” Alabbar said. “It’s growing at a reasonable rate and it’s not crazy like China so it’s good for us and we can grow reasonably well.” The company’s best markets are currently Egypt and Morocco while the U.S. “is very soft for us.” Emaar, the United Arab Emirates’ biggest developer is in talks to combine with three units of state-controlled Dubai Holding LLC. A merger with Dubai Properties LLC, Sama Dubai LLC and Tatweer LLC could generate “exceptional” cost savings amid a glut of homes that drove down prices. “It would be a great opportunity because we are going to put our hands on a very valuable land bank,” Alabbar said of the possible merger. “If there’s a city that will move forward in this region as a hub, it’s this city.” Alabbar, who heads a government committee on the credit crisis in Dubai, said the sheikhdom will grow by 5 percent in 2009. Dubai Bond Dubai set up a $20 billon fund to help state-related companies through the credit crisis. The fund borrowed the first $10 billion by selling bonds to the United Arab Emirates’ central bank in February. Dubai, the second-biggest of seven sheikhdoms that make up the U.A.E., and its related companies earlier borrowed more than $80 billion to transform the economy into a tourist and financial services hub. Alabbar said he was confident that investors will buy a “reasonable chunk” of a second $10 billion bond issue. The government is in the final stages of preparing the issue, he said.

[thajuddeen]

This could help EMAAR in December.

To reenter in EMAAR the bears have to push TASI down today otherwise EMAAR might find support well above 4.00.

EMAAR which closed below PIVOT has its immediate resistance at 4.39 (R1) for tomorrow.

Bulls should try and save 4.21 (SM2) to avoid more bearish penetration.

R1 4.39
PIVOT 4.35
S1 4.28
SM1 4.26
S2 4.24
SM2 4.21
S3 4.17

It's going to be an uphill task for bulls at the end of the month.

To prevent a bearish invasion, will bulls attack TASI bears today?
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