Al­dar and Sorouh share­hold­ers ap­prove merger

The Pak Banker - - INTERNATIONAL BUSINESS/SPORTS -

Share­hold­ers of Abu Dhabi's top prop­erty com­pa­nies, Al­dar and Sorouh, ap­proved merger plans at an ex­tra or­di­nary gen­eral meet­ing (EGM) on Sun­day evening. Both EGMs se­cured the re­quired quo­rum af­ter com­pa­nies fell short of a quo­rum for the cru­cial merger vote on Fe­bru­ary 21, thereby de­lay­ing the de­ci­sion to March, Al­darSorouh of­fi­cials told me­dia per­sons. "All res­o­lu­tions have been ap­proved by share­hold­ers," a spokesman of Al­dar told Gulf News. The share­hold­ers meet­ing of Al­dar had a 69 per cent quo­rum. Sorouh se­cured 55 per cent quo­rum at its EGM. Both com­pa­nies agreed to dis­trib­ute 6 fils per share as div­i­dends.

"Al­dar ap­proved div­i­dend distri­bu­tion of 6 fils per share. The 2012 fi­nan­cial re­sults were ap­proved," Ali Muhairi, chair­man of Al­dar, told me­dia per­sons. Al Muhairi, said: "The merger will cre­ate a strength­ened, more di­ver­si­fied com­pany with a port­fo­lio of rev­enue-gen­er­at­ing as­sets and a very strong devel­op­ment pipe­line that is able to take ad­van­tage of sus­tain­able growth op­por­tu­ni­ties and bring greater value for our stake­hold­ers." Mubarak Matar Al Hu­mairi, Chair­man of Sorouh, said: "This vote of con­fi­dence un­der­lines the strong strate­gic ra­tio­nale for unit­ing th­ese two com­pa­nies. Al­dar Sorouh will com­bine com­ple­men­tary high qual­ity as­sets and strong man­age­ment ca­pa­bil­i­ties. The im­me­di­ate fo­cus of Sorouh's board and man­age­ment team is to now suc­cess­fully de­liver this merger." On Jan­uary 21, 2013, Al­dar and Sorouh jointly an­nounced the pro­posed merger of Al­dar and Sorouh. The merger will cre­ate one of the largest listed real es­tate com­pa­nies in the Mid­dle East and North Africa re­gion, with over Dh47 bil­lion of com­bined to­tal as­sets, and com­bined mar­ket cap­i­tal­i­sa­tion of ap­prox­i­mately Dh10.9 bil­lion based on clos­ing share prices, com­pany of­fi­cials said. They added that the com­bined group will have a di­ver­si­fied port­fo­lio of as­sets with to­tal eq­uity of Dh14.7 bil­lion as and an at­trac­tive pipe­line of as­sets un­der devel­op­ment in Abu Dhabi.

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