Dubai s Emaar expects to delist malls unit by year-end | WDEZ 101 9 FM Great Country wdez.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wdez.com Daily Mail and Mail on Sunday newspapers.
By Syndicated Content
Jul 6, 2021 | 2:43 AM
DUBAI (Reuters) -Dubaiâs largest listed developer Emaar Properties expects to buy out minority shareholders of Emaar Malls and delist the business by year-end, a spokesperson said on Tuesday.
The all-share deal to make Emaar Malls a wholly-owned subsidiary of Emaar Properties was announced in March, less than a decade after shares in the malls unit were listed.
âWe expect the entire merger process to complete before year end,â an Emaar spokesperson said in response to Reuters queries.
Emaar Properties, which already owns close to 85% of Emaar Malls, will swap 0.51 of its own shares for each remaining share of Emaar Malls, the two companies said in March.
Dubai: Emaar Properties expects to complete the planned merger with its retail arm Emaar Malls by year-end, adding that progress is being made to get the regulatory clearance from the UAE’s Securities & Commodities Authority.
It was in March this year that the Dubai master-developer confirmed such a plan of action, which would give it considerably more clout in leveraging the potential of Emaar Malls in a future valuation of Emaar Properties.
The statement by Emaar will dispel some doubts that had crept into investors’ minds after the SCA launched a review of another major stock market move – that of Hussain Sajwani owned Maple Invest acquiring the whole of Damac Properties. Maple Invest was offering Dh1.3 a share to investors holding the Damac share.
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