Emirati real estate company Emaar Properties
has received final approval for a merger with related mall operator Emaar Malls
. As per the joint statement issued on Monday, “The move will reinforce Emaar Properties’ position as MENA’s largest integrated and diversified real estate company, while ensuring that both Emaar Properties and Emaar Malls are strategically positioned to capture opportunities in the marketplace and drive shareholder value.” As per the proposed transaction, Emaar Malls’ shareholders will receive 0.51 shares of Emaar Properties for every share they hold of Emaar Malls, which represents a 7.1% premium to the closing price of Emaar Malls on March 1, the day prior to the merger announcement and a premium of 3.5% to the closing price on September 1. This comes a few weeks after Emaar Malls reported an 80% surge in profits
for 1H 2021 to AED 622mn ($169mn).
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