Dubai: Emaar Properties’ shareholders have given their approval for the merger of its retail subsidiary Emaar Malls and its subsequent de-listing from Dubai Financial Market.
This will be done through issuance of 0.51 new shares in Emaar Properties for every one share held by an Emaar Malls’ shareholder. Post-merger, all of the assets, liabilities and businesses of Emaar Malls will be folded into Emaar Malls Management, which is a wholly-owned subsidiary of Emaar Properties.
This will lead to an increase in the share capital of Emaar Properties to Dh8.17 billion. Emaar Malls owns and operates The Dubai Mall and the shopping and leisure destination in Dubai Marina. A third mall, at Dubai Hills, is up for a first quarter 2022 opening.
A combined entity gives the parent company quite some heft going forward in its dealings with bankers, especially when the mall assets are brought directly onto its books.
The DFM will likely see another major de-listing, this time of Damac after its founder Hussain Sajwani completes a putative buyout of shares that he does not own right now in the developer. Earlier this year, the theme park company DXB Entertainments was taken off after the parent company Meraas bought out minority shareholders.