Abu Dhabi's merged property firms to begin trading June 30

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Abu Dhabi developers Aldar Properties and Sorouh Real Estate will trade as a merged entity from June 30 with a capital of 7.86 billion dirhams ($2.1 billion), the Abu Dhabi exchange said in a statement on Sunday.

The opening base price of the merged entity will be the closing price of Aldar on the final trading day of June 27, the statement added. Aldar shares fell 4.4 percent on Sunday but have risen nearly 77 percent year-to-date.

Sorouh, the smaller among the two property firms, would be delisted from the Abu Dhabi bourse on June 30.

The boards of the state-linked rivals agreed on a merger in January and the deal was expected to be completed by end-June.

Earlier this month, the companies said a three-month period for Sorouh's creditors to object to the proposed merger had expired without any objections being raised.

Related:
Topics

Market Performance

ALDAR Properties
3.25
0.05 1.56 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Trump casino resort business files for bankruptcy

Trump casino resort business files for bankruptcy

The Donald founded the companies but is now suing them to have...

Do celebrity branded projects ever work?

Do celebrity branded projects ever work?

The long list of celebrity-endorsed real estate developments...

1
Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

3
Most Popular
Most Discussed