Emaar Properties’ shareholders have approved the merger of the company with Emaar Malls, Dubai’s largest listed developer said in a bourse filing on Monday.
Shareholders also approved during the General Assembly on Sunday the proposal to increase Emaar Properties’ share capital to 8.17 billion dirhams ($2.2 billion).
The merger, announced earlier this year, had already obtained final approval from the Securities & Commodities Authority (SCA) last September.
As part of the transaction, shareholders of Emaar Malls will receive 0.51 new Emaar Properties share for every Emaar Malls share.
Last July, a spokesperson for the developer was quoted as saying that Emaar Properties intends to buy out Emaar Malls’ shareholders and delist the company in December 2021.
Emaar Malls’ net profit reached 622 million dirhams during the first six months of 2021, up by 80 percent from 345 million dirhams during the same period in 2020.
Occupancy levels across its assets, including Dubai Mall, Dubai Marina Mall and Souk Al Bahar, among others, averaged at 91 percent throughout the second quarter.
As for Emaar Properties, net profit fell more than 7 percent from 1.69 billion dirhams to 1.56 billion dirhams during the same period.
(Reporting by Cleofe Maceda; editing by Mily Chakrabarty)
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© ZAWYA 2021