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Aldar, Sorouh's shareholders to vote on merger on Feb 21
- United Arab Emirates: Tuesday, January 29 - 2013 at 05:37
Abu Dhabi's Aldar Properties and Sorouh Real Estate have said their shareholders are set to vote next month on the proposed merger and the deal is expected to be completed by end-June, Reuters has reported. Both the companies will hold an extraordinary general meeting of shareholders to vote on the proposed merger on February 21, Aldar said. Under the merger proposal, the Abu Dhabi government will own a 37% stake in the new firm and will also pay Sorouh Dhs3.2bn in exchange for some infrastructure assets and units in its The Gate development.
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