Qatar's Ezdan tumbles on initial plan to de-list, DXBE weighs on Dubai again

DUBAI: Shares of Qatar's largest listed real estate developer tumbled in early trade on Thursday after saying its shareholders had given preliminary approval to take the company private while DXB Entertainments continued to drag Dubai's index down.

Ezdan Holding Group, which is owned mainly by government related parties, dropped 7.3 percent. The company said that disapproving shareholders, whether present or absent from the meeting, can exit their positions within 60 days of the preliminary decision.

The company, which is a constituent of the MSCI emerging market index, said it had hired a company to reach a fair valuation of its assets, based on the closing price on April 3,  which was 15.08 riyals. It will announce the result once the valuation process has been completed.

According to Reuters data, BlackRock and Vanguard Group are the top two foreign shareholders, with a combined holding of just 0.6 percent of the outstanding shares.

Qatar's index was down 0.5 percent.

Dubai's index fell 0.2 percent mainly because of a 3.2 percent slide in shares of DXB Entertainments.

The stock has dropped heavily in six of the last 10 trading sessions as visitor numbers at its several Dubai theme parks and hotels are expected to be low during Ramadan and the hot summer months.

In Abu Dhabi, the index was down 0.8 percent with the main drag coming from blue chips. Telecommunications operator Etisalat dropped 0.9 percent and Aldar Properties  lost 1.3 percent.

Saudi Arabia's index rose 0.1 percent, led by consumer related shares. Retailer Alhokair was the top gainer, up 2.6 percent.