Aldar, Sorouh move in opposite directions after ok-ing merger
- United Arab Emirates: Monday, January 21 - 2013 at 14:19
The Abu Dhabi equity index ADXGI slipped 0.14% to 2,778.08 points. Sorouh Real Estate surged 4.29 percent to hit Dhs1.70, while the UAE capital's first developer Aldar Properties dived 9.82% to Dhs1.47. Earlier in the day, both firms said their board of directors decided to recommend the shareholders to give green light for proposed merger which would create a real estate giant worth around Dhs50bn. Aldar and Sorouh, developers of Ferrari World on Yas Island and residence complex Shams Abu Dhabi for 45,000 residents, respectively, entered into merger talks in March 2012. Under the plan, Sorouh would de-list its shares from the ADX while Aldar will offer 1.288 of its shares for each Sorouh share. The merger is subject to approval from the Abu Dhabi government which holds 38% in Aldar through direct and indirect holdings.
- Omantel inks BGG submarine cable deal
- Abu Dhabi's population grows by 1 person every...
- Oman reports $8.97bn in Q1 revenue
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AMEinfo.com Web site does not constitute advice or a recommendation by AME Info FZ LLC / 4C and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AMEinfo.com Web site.
AME Info FZ LLC / 4C can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AMEinfo.com Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / 4C.
In no event shall AME Info FZ LLC / 4C be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AMEinfo.com Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.