A statement issued by Dubai Financial Market has confirmed that the proposed merger of Emaar Properties and Emaar Malls should be concluded by the end of the year.
The details of the merger reveal that Emaar Malls shareholders would receive 0.51 Emaar Properties shares for every one Emaar Malls share. Originally announced in March 2020, the merger had unanimous support from the board of both companies.
As part of the transaction, the existing business of Emaar Malls will be reconstituted in a wholly owned subsidiary of Emaar Properties. Emaar Malls will continue to develop and hold their portfolio of premium shopping malls and other retail assets, including The Dubai Mall. Emaar Properties will continue to be listed on the Dubai Financial Market and the merger will boost Emaar Properties’ financial and operational performance.
Furthermore, the merger will significant improve Emaar Malls shareholders’ earning profile via a substantial uplift in earning per share immediately after the transaction.
