Dec 19 2010 |
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No Amlak loan conversion: Emaar
Developer says "better and viable options" are now being discussed
The Emaar statement, issued to Dubai Financial Market , said a proposal was tabled before the committee to convert Dh230 million long-term loan given by Emaar to Amlak into equity. But now "other better and viable options have been identified, which are now being considered and discussed."
Emaar Chairman Mohammed Ali Alabbar said in an interview on Wednesday that the developer may hike stake in Amlak but has not decided by how much.
Recently, Dubai Islamic Bank hiked its stake in another UAE mortgage provider Tamweel effectively ending the prospect of a Amlak-Tamweel merger.
The Emaar statement on DFM said that management and board will ensure that interests of Emaar 's shareholders and stakeholders are considered in acceptance of any options as discussed by the committee.
Emaar shares gained marginally in the morning trade on Sunday.
© Emirates 24|7 2010
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