Shareholders of Dubai-based Emaar Properties have given the green light for the merger with Emaar Malls, which will see it delisted from Dubai Financial Market (DFM).
The move was rubber-stamped at a general assembly meeting. As a result, 0.51 new shares in Emaar Properties will be issued for every one share held by shareholders of Emaar Malls. The developer already owned 85 percent of Emaar Malls.
According to a filing to DFM, once the merger is complete, all assets and liabilities of Emaar Malls will be transferred into Emaar Malls Management, a wholly-owned subsidiary of Emaar Properties.
The filing added that the move will see an increase in the share capital of Emaar Properties to AED8.17 billion ($2.2bn).
Emaar Properties sold shares in Emaar Malls, which operates the huge Dubai Mall, in 2014. The order book was more than 30 times oversubscribed for the institutional segment, and more than 20 times for the individual part at the top of the price range at 2.9 dirhams.
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