Dubai-based developer Emaar Properties on Monday announced the completion of its merger with its retail arm, Emaar Malls.
Shares of the operator of Dubai’s largest shopping centre, Dubai Mall, have also been delisted from the Dubai Financial Market (DFM) as of Sunday, November 21, 2021, less than a decade after they were floated on the market.
With the merger, all the rights and obligations of Emaar Malls have now been transferred by law to Emaar Properties.
“The company would like to announce the completion of the merger transactions between Emaar Properties and Emaar Malls, and the transfer by law of all rights and obligations of Emaar Malls to Emaar Properties,” the company said in a statement.
As part of the merger, both companies agreed to allocate 0.51 new shares in Emaar Properties for every one share of Emaar Malls.
Emaar Malls began trading on DFM in 2014 after a $1.6 billion initial public offering (IPO).
(Writing by Brinda Darasha; editing by Cleofe Maceda)
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