Merger of Emaar Properties, Emaar Malls to complete this month

Merger of Emaar Properties, Emaar Malls to complete this month

In a filing to Dubai Financial Market (DFM), the retail and shopping mall giant confirmed that there had been no objections to the proposed deal and that “all the merger conditions have been met”

Plans to merge Emaar Malls with Emaar Properties will be complete on November 21.

In a filing to Dubai Financial Market (DFM), on Thursday, the retail and shopping mall giant confirmed that there had been no objections to the proposed deal and that “all the merger conditions have been met”.

It means that shares in Emaar Malls will suspended from trading from November 16, while the company will be delisted from the DFM on November 21.

Shareholders back merger of Emaar Properties, Emaar Malls

Merger will see an increase in the share capital of Emaar Properties to $2.2bn

Shareholders of Dubai-based Emaar Properties last month gave the green light for the merger, with the move rubber-stamped at a general assembly meeting.

According to a previous filing to DFM, once the merger is complete, all assets and liabilities of Emaar Malls will be transferred into Emaar Malls Management, a wholly-owned subsidiary of Emaar Properties.

The filing added that the move will see an increase in the share capital of Emaar Properties to AED8.17 billion ($2.2bn).

Emaar Properties sold shares in Emaar Malls, which operates the huge Dubai Mall, in 2014. The order book was more than 30 times oversubscribed for the institutional segment, and more than 20 times for the individual part at the top of the price range at AED2.9.

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