Dubai conglomerate Majid Al Futtaim on Thursday denied news about stake sales or changes to its governance and ownership.

Quoting people familiar with the matter, Bloomberg reported on Wednesday that the government-appointed officials who are overseeing Majid Al Futtaim Holding discussed a number of options, including a potential stake sale, an initial public offering (IPO) and sale of some business lines.

The Dubai government set up a special judicial committee to restructure the board of the group for smooth succession after the death of the group's founder, Majid Al Futtaim.

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In 2021, Emirati billionaire Majid Al Futtaim passed away, establishing a group with global recognition.

“Majid Al Futtaim categorically refutes any claims of stake sales, business sell-offs, or changes to our governance or ownership structure; any reports alleging otherwise are entirely inaccurate, unfounded, and misleading,” the company said in a statement to Khaleej Times on Thursday.

The family-owned conglomerate is one of the largest family-owned businesses in the UAE and region, with interests in retail, hospitality, real estate, entertainment, and facility management among others. It owns 29 malls and welcomes more than 178 million customers per year. Some of its popular brands are Mall of the Emirates, City Centre, Matajer, and others. Its hospitality portfolio consists of 7 hotels, including Kempinski and Sheraton Mall of the Emirates, Pullman City Centre Deira, and others. It employs thousands of people across its diverse portfolio in many countries.

“Majid Al Futtaim remains a proud and resolute stalwart for MENA's economies. Fully backed by our shareholders and our independent Board, we operate an integrated ecosystem with a clear strategy to lead us into our 4th decade and beyond,” said the statement, adding that it“remains unequivocally committed to its long-term strategy and disciplined approach to growth, anchored by financial strength and stability. There are no planned changes to our governance, shareholding or makeup of our company.”

In a statement earlier to Khaleej Times, the company said that the recent updates at its parent company“do not affect the operations or governance” of the company.

On Wednesday, Majid Al Futtaim issued a hybrid bond, whereby the offering peaked at more than five and a half times and was issued at a price of 5.75 per cent.

“This overwhelming investor demand underscores the confidence of the global financial community in Majid Al Futtaim's robust fundamentals and prudent capital management. The Group continues to deliver sustained value across all its businesses,” said the statement.

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