Emaar Properties, Dubai’s largest listed developer by market capitalisation, and Emaar Malls said their board of directors have recommended a merger of the company’s malls and properties business.
“As part of the transaction, the existing business of Emaar Malls will be reconstituted in a wholly owned subsidiary of Emaar Properties,” the developer said in a statement late on Tuesday.
The malls unit will continue to develop a portfolio of retail assets, while Emaar Properties will continue to be listed on the Dubai Financial Market.
The move is expected to help Emaar “to capture opportunities in the marketplace and drive shareholder value”, the company added.
The proposed transaction would be effected as a statutory merger and by way of a share swap, with Emaar Malls shareholders (excluding Emaar Properties) receiving 0.51 Emaar Properties shares for every one Emaar Malls share.
The merger is subject to approval by shareholders of Emaar Malls and Emaar Properties.
More to follow
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Updated: March 2, 2021 08:57 PM
