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FINANCIAL NEWS
Abu Dhabi’s Aldar, Sorouh stocks jump as merger nears
15 Jun 2013
(MENAFN) Aldar Properties and Sorouh Real Estate surged Thursday after the Abu Dhabi developers said no objections were raised by creditors of Sorouh to a state-backed merger of the two firms set for end of June. The property firms said in a statement the merger deal would go through by June 30, pending a ministerial approval after a three-month period for Sorouh creditors to object to the proposed merger expired without any objections being raised.
Sorouh shares jumped 8.3 percent to hit a 44-month high and Aldar rallied 4.3 percent to its highest since January 2011.
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