DUBAI - Dubai's largest listed developer Emaar Properties (EMAR.DU) expects to buy out minority shareholders of Emaar Malls (EMAA.DU) and delist the business by year-end, a spokesperson said on Tuesday.
The all-share deal to make Emaar Malls a wholly-owned subsidiary of Emaar Properties was announced in March, less than a decade after shares in the malls unit were listed.
"We expect the entire merger process to complete before year end," an Emaar spokesperson said in response to Reuters queries.
Emaar Properties, which already owns close to 85% of Emaar Malls, will swap 0.51 of its own shares for each remaining share of Emaar Malls, the two companies said in March.
The Emaar spokesperson said on Tuesday that United Arab Emirates regulator the Securities & Commodities Authority (SCA) was reviewing the proposal "as part of the normal process."
"We are hopeful SCA will issue its final approval in the coming weeks."
Real estate tycoon Hussain Sajwani has delayed plans to delist DAMAC Properties (DAMAC.DU), the Dubai developer he founded, until the regulator completes a review of the transaction. read more
Reporting by Alexander Cornwell; Editing by Kirsten Donovan
Grace period for expats to correct legal status begins today
Recruit a Project Officer for Jobs in Qatar with This Outsourcing Service
Umrah and prayer at Grand Mosque permits restricted for fully vaccinated pilgrims from Oct. 10
Philippine Nobel winner Ressa calls Facebook 'biased against facts'
Pfizer: Know all about the Covid-19 vaccine and its usage in Qatar
FIFA’22 over Covid-19: Qatar limbers up for the World Cup amidst a worldwide pandemic
Top 5 Art Galleries You Must Explore in Qatar
Afghan Women Speaks on Unyielding Hope of Restoring Their Homeland