Dubai – Mubasher: The General Assembly of Emaar Properties is considering acquiring certain assets of Dubai Holding, during its meeting to be held on September 21st.
The company stated that during the meeting, they will be discussed. The acquisition of certain assets of Dubai Holding Company, in exchange for a specific cash consideration payable at the closing of the deal, a specific deferred consideration payable under the deferred consideration agreement, and in exchange for a mandatory convertible bond, according to a press release.
It will discuss the issuance of a mandatory convertible bond with a total value of 3.75 billion dirhams in favor of Dubai Holding.Increasing the company’s capital to 8.84 billion dirhams through the issuance of 659 million fully paid shares with a nominal value of 1 dirhams per share.
The company will agree to the recommended sale of Holding Limited by Emaar Mall Management Company to Noon AD Holdings Limited for a cash consideration of 1.23 billion dirhams, and will take a decision to approve the abolition of the minimum contribution of UAE and GCC nationals to the company.
Emaar Properties issued a clarification statement in mid-August regarding the benefits of acquiring the “Dubai Creek Harbor” project, noting that Dubai Creek Harbor was evaluated by an independent evaluator at a value between 14.6 billion dirhams and 15.7 billion dirhams.
The company stated that it believes that the acquisition of the project “the deal” is in line with its long-term strategy, and helps to achieve and maintain value for its shareholders, and to provide Emaar complete control over the Dubai Creek Harbor development project in relation to the basic undeveloped land that enjoys a strategic location.
Earlier, Emaar Properties revealed that its board of directors had decided in principle to sell Namshi to Noon Company.
She explained that the selling price amounted to 335.2 million dollars (1.23 billion dirhams) as a cash consideration, and this price falls within the range that was determined by an independent evaluator approved by the Securities and Commodities Authority.
She added that the aforementioned cash consideration represents the value of “Namshi” shares after deducting its debts and the normal operating capital required from the value of the facility, which amounts to 350 million dollars.
It is noteworthy that the company’s profits rose during the first half of this year to reach 4.3 billion dirhams, compared to profits of 1.560 billion dirhams during the same period in 2021.
The profit margin rose to 50.3% compared to 43.5% during the same period, as a result of an increase in revenues by 10%, compared to revenues for the same period in 2021.
To trade and invest in Gulf stock exchanges, click here.
Recommendations:
Gold prices in the UAE continue to decline .. and 21 karat records 180.66 dirhams