The leading developer already owns 85 per cent of Emaar Malls and plans to take over the malls unit amid the ongoing Coronavirus pandemic.
The merger already benefits from the backing of Emaar Properties and Emaar Malls boards of directors, who have all voted to recommend an all share merger with the aim to reinforce Emaar Properties’ position as the Middle East region’s largest integrated real estate company.
The transaction will see the existing business of Emaar Malls reconstituted in a wholly owned subsidiary of Emaar Properties. Once completed, the company will continue to develop and hold a portfolio of premium shopping malls, which includes The Dubai Mall. The transaction would see Emaar Malls shareholders receiving 0.51 Emaar Properties shares for every one Emaar Malls Share.
According to a statement, Emaar Properties’ financial and operational performance will be boosted through the merger whilst also aiming to significantly improve Emaar Malls shareholders’ earnings profile.
The merger is still subject to a number of conditions which includes the approval of shareholders at Emaar Properties and Emaar Malls.
