Dubai's Emaar expects to delist malls unit by year-end
Reuters
Published Jul 06, 2021 03:43AM ET
DUBAI (Reuters) -Dubai's 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.
"We expect the entire merger process to complete before year end," 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.
The Emaar spokesperson said on Tuesday that United Arab Emirates regulator the Securities & Commodities Authority (SCA) was reviewing the proposal "as part of the normal process."
"We are hopeful SCA will issue its final approval in the coming weeks."
Real estate tycoon Hussain Sajwani has delayed plans to delist DAMAC Properties, the Dubai developer he founded, until the regulator completes a review of the transaction.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.