The shareholders authorized the Board to implement another shares buy-back scheme of a maximum of 10 percent of the total shares of the Company, subject to the approval of the relevant authorities and in accordance with Federal Law 25/ 2001.
Shareholders also authorized the Board to consider secondary listing of the Company shares in regional and international financial markets in order to widen the shareholders base.
The approvals came during the Extraordinary General Meeting (EGM), which was held at Emaar Business Park, Sheikh Zayed Road and follows the Board's announcement of the share split late last month. The EGM this evening was held after last week's scheduled meeting failed to obtain the required quorum.
While clearly demonstrating its commitment to returning any surplus capital to its shareholders, the Company felt that a shares buy-back scheme is one of the best ways to reward long-term investors.
The shareholders agreed that the split in nominal value of the Company's share serves to enhance the value of the shareholders and the Company by ensuring the availability of the shares.
The shareholders also approved the Board's amendment of the Memorandum and Articles of Association of the Company to reflect the new nominal value of the share as required by the Federal Commercial Companies Law No. (8) of 1984.
The Board members present during the EGM included Mohamed Ali Alabbar, Sultan Ahmed Khalfan Al Ghaith, Abdul Azuiz Abdullah Al Ghurair, Salem bin Rashid Saeed Al Mohannadi and Mohammed Ibrahim Al Shaibani.
Emaar shareholders ratify split in nominal value of Company's share during EGM
Shareholders of Emaar Properties PJSC today ratified the Board of Directors resolution to split the nominal value of the Company's share from Dhs 10 to Dhs 1 per share.
- United Arab Emirates: Sunday, June 27 - 2004 at 09:11
- PRESS RELEASE
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About Emaar Properties PJSCEmaar Properties is a Public Joint Stock Company listed on the Dubai Financial Market. With an asset base of US$7.7 billion including the land bank, the Company's vision is 'Shaping the Future. Today' by focusing on innovation, meticulous planning and the continuous pursuit of excellence. The Company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base. Currently, it has several major real estate projects under various stages of development. These developments include Dubai Marina, Arabian Ranches, Gazelle, Emirates Hills, The Views, The Meadows, The Springs, The Lakes, Hattan Homes, The Greens, EMAAR Towers and Burj Dubai Residences. The company also owns and manages the Gold and Diamond Park and has launched plans for its most ambitious project to date, the Burj Dubai - the tallest skyscraper in the world. While Emaar continues to actively pursue expansion in its core business of innovative, high quality real estate development, it has diversified into related business lines to further build value for its 41,000 shareholders. In line with this corporate belief, Emaar also owns and manages four subsidiaries - Dubai Bank, focused on retail and commercial banking, Amlak Finance, UAE's first mortgage finance company, EMRILL, which provides innovative property and facilities management services, and its technology and communications company, Sahm Technologies.
For further information, please contact:
David D'Souza/ Lina Anani
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East and North Africa
Dubai, UAE
Tel: +971-4-3355969, Fax: +971-4-3356080
Emaar Properties
Tel: +971-4-367-4566
Fax: +971-4-367-3705
Posted by Anne-Birte Stensgaard, Senior News EditorSunday, June 27 - 2004 at 09:11 UAE local time (GMT+4)
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Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
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