Abu Dhabi's Aldar Properties and Sorouh Real Estate, which have agreed to merge operations and create a business with assets worth US$13bn, failed to meet the necessary quorum for a crucial merger vote on Thursday.
Meetings have now been scheduled for March 3, where the companies will hope to receive the go-ahead from shareholders to merge, spokesmen for both companies said.
The boards of both state-linked firms proposed a merger in January and the deal was expected to be completed by end-June.
Under the merger proposal, Sorouh shareholders will get 1.288 Aldar shares for every share they own. Sorouh will be dissolved and delisted from the local bourse after the merger.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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