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Aldar, Sorouh rebound after merger shock
- United Arab Emirates: Wednesday, January 23 - 2013 at 16:12
The Abu Dhabi equity market index ADXGI gained 1.05%, finishing at 2,783 points straight. The emirate's two largest developers Aldar Properties and Sorouh Real Estate ended 4.41% and 4.24% higher at Dhs1.42 and Dhs1.72, respectively. Both shares fell sharply during the week after the boards of directors at both firms decided to recommend to their shareholders to go ahead with planned merger. Under the agreed deal, Aladar will offer 1.288 of its shares for every Sorouh share priced on Jan. 17. Aldar would pay Dhs5.5bnfor the transaction which the Abu Dhabi government, which holds 38% in Aldar, backed. Sorouh shares would be de-listed from the ADX.
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Gérard Al-Fil, Financial JournalistWednesday, January 23 - 2013 at 16:12 UAE local time (GMT+4)
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