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FINANCIAL NEWS
UAE- Aldar, Sorouh merger okayed by shareholders
04 Mar 2013
(MENAFN) Aldar Properties’ Chairman, Ali Eid Al Mheiri, stated that shareholders of the company and those of Sorouh Real Estate have agreed on the two companies’ proposed merger, reported Emirates 24/7.
Al Mheiri said that once the merger will become effective, which is expected in June, a new, stronger and more diversified firm will be created.
The two Abu Dhabi-listed companies will apply for a resolution of the Minister of Economy endorsing the merger and the associated steps needed to apply the merger, such as the dissolution of Sorouh, the raise in the share capital of Aldar and the modifications of the latter’s articles of association.
In June, Sorouh will see its shares delisted from the Securities Exchange, and would be dissolved as a legal entity.
It is worth noting that following the merger; Aldar will be named AldarSorouh Properties PJSC (AldarSorouh).
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