Emaar Malls shares suspended for $2bln merger process

The capital of Emaar Properties will be increased to $2.23bln

  
Investors are seen at the Dubai International Financial Market in Dubai, UAE February 7, 2018.

Investors are seen at the Dubai International Financial Market in Dubai, UAE February 7, 2018.

REUTERS/Satish Kumar
DUBAI: The Dubai Financial Market (DFM) announced that trading in the shares of the Emirate’s real estate business Emaar Malls has been permanently suspended, as of today, in order to complete a merger with Emaar Properties.

The capital of Emaar Properties will be increased to 8.18 billion dirhams ($2.23 billion), according to Argam.

Both companies agreed to allocate 0.51 new shares in Emaar Properties for every one share of Emaar Malls.

The merger will be activated at the end of the trading session on Nov. 21.

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