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Emaar, Emaar Malls get regulatory nod for merger

Emaar, Emaar Malls get regulatory nod for merger
The merger is still subject to meeting multiple conditions
Emaar Malls
EMAARMALLS
0.00% 2.00 0.00
Emaar
EMAAR
0.00% 4.05 0.00

Dubai – Mubasher: Emaar Properties and Emaar Malls received the Securities and Commodities Authority’s (SCA) approval for the potential merger, according to a statement on Monday.

The shareholders of Emaar Malls, excluding those in Emaar, will receive 0.51 of Emaar Properties’ shares for every one share of Emaar Malls’ share. This would represent a premium of 7.1% above the closing price of Emaar Malls on 1 March, the last trading day prior to the merger announcement.

The merger is still subject to meeting multiple conditions, including approval of the merger by shareholders who own at least 75% of the shares represented at general meetings of both parties.

The boards of the two companies are expected to call for holding an ordinary general meeting on 10 October.