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FINANCIAL NEWS
Abu Dhabi: Aldar, Sorouh shareholders to vote on the merger in Feb
28 Jan 2013
(MENAFN) Aldar, Sorouh said that shareholders of both developers will vote on the proposed merger in February, Reuters reported.
Earlier this month, the two firms agreed on an all-share merger, a union that would create an entity with USD13 billion in assets.
Both 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.
The merger, which would create the UAE’s second largest listed real eastate firm, seeks to stimulate the emirate’s battered real estate sector.
The partners said also they expect the mearger deal to be sealed on June 30.
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