Aldar, Sorouh merger approved
- United Arab Emirates: Monday, March 04 - 2013 at 06:29
The shareholders of Abu Dhabi-based developers Aldar Properties and Sorouh Real Estate have given their approval to their merger plan, Khaleej Times has reported. Under the plan, Sorouh shares are to be delisted from the Abu Dhabi Securities Exchange, and the company is to be dissolved as a legal entity, after which Aldar will be named Aldar Sorouh Properties. The merger will create the largest property developer with over Dhs47bn of combined total assets as of September 30, 2012, and combined market capitalisation of approximately Dhs10.9bn. The new entity will have a diversified portfolio of assets with total equity of Dhs14.7bn and an attractive pipeline of assets under development in Abu Dhabi.
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