According to a statement made to Dubai Financial Market (DFM), the proposed merger of Emaar Properties and Emaar Malls should be concluded by the end of the year.
The share merger was originally announced in March this year and was said at the time to have the unanimous support from the board of both companies. The filing to DFM said: “The company confirms that it is going through the normal regulatory approval processes with SCA (Securities and Commodities Authority) and at the moment expects the proposed merger to complete by year end.”
As part of the transaction, the existing business of Emaar Malls will be reconstituted in a wholly owned subsidiary of Emaar Properties and will continue to develop and hold a portfolio of premium shopping malls and retail assets including The Dubai Mall, while Emaar Properties will continue to be listed on the Dubai Financial Market.
The proposed transaction would reportedly see Emaar Malls shareholders receiving 0.51 Emaar Properties shares for every one Emaar Malls share.
