Source: REUTERS www.thenational.ae
Shareholders of Abu Dhabi state-linked firms Aldar Properties and Sorouh Real Estate will vote on the proposed merger next month and the deal is expected to be completed by end-June, the companies said in a joint statement.
Both the companies will hold an extraordinary general meeting of shareholders to vote on the proposed merger on February 21, Aldar said in a filing to Abu Dhabi bourse Monday.
The property firms said that the effective date for the merger was set for June 30 when new Aldar shares would be issued to Sorouh shareholders.
Under the merger proposal, Sorouh shareholders will get 1.288 Aldar shares for every share they own. Sorouh will be dissolved and delisted from the local bourse once the merger is completed. The deal is subject to shareholder approval.
Shares of Sorouh would be suspended on June 23, the statement said. More info