Dubai developer Emaar Properties expects buyout of retail arm by year-end
Developer says it is going through 'normal' regulatory process for Emaar Malls merger
Dubai: Emaar Properties expects to complete the planned merger with its retail arm Emaar Malls by year-end, adding that progress is being made to get the regulatory clearance from the UAE’s Securities & Commodities Authority.
It was in March this year that the Dubai master-developer confirmed such a plan of action, which would give it considerably more clout in leveraging the potential of Emaar Malls in a future valuation of Emaar Properties.
The statement by Emaar will dispel some doubts that had crept into investors’ minds after the SCA launched a review of another major stock market move – that of Hussain Sajwani owned Maple Invest acquiring the whole of Damac Properties. Maple Invest was offering Dh1.3 a share to investors holding the Damac share.
In March, Emaar Properties had announced that it would swap 0.51 of its own shares for each one of Emaar Malls. The parent company currently owns 85 per cent in the retail arm, which owns the world’s biggest shopping destination, The Dubai Mall.