Emaar announces July 21 as deadline for rights issue

DUBAI — Emaar Properties PJSC yesterday announced it had set a deadline just three days away for the first phase of its 1:1 rights issue. July 21 has been confirmed as the final trading day for investors to buy the shares that would entitle them to participate in the rights issue.

By A Staff Reporter

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Published: Tue 19 Jul 2005, 11:04 AM

Last updated: Thu 2 Apr 2015, 4:43 PM

In its first formal statement since shareholders on Saturday supported the directors' decision to increase its capital from Dh2,835,500,000 to Dh5,671,000,000 through the rights issue, the company released full details of the issue.

It confirmed that only investors registered as shareholders by July 24 would qualify for rights to the new shares. At just Dh5 — an Dh4 premium on top of the Dh1 nominal value — the issue price represents a substantial discount on the market value of the shares. Emaar shareholders will also qualify for bonus shares equivalent to 15 per cent of their holdings if they subscribe for the rights issue.

Mohammed Ali Alabbar, Chairman of Emaar, said: "This is a wonderful opportunity for our shareholders to further participate in the progress and development of their company. They are getting tremendous shareholders' value and Emaar is continuing to break new ground while improving its financial performance, as our record Dh2.533 billion half-year profits demonstrate."

Formal invitations to subscribe for the new shares will be sent to stockholders from July 28 onwards. The company revealed that the start date for subscriptions would be Thursday, August 4, 2005 and that the subscription period would run for 10 working days, until Monday, August 15, 2005.

Emaar also unveiled details of an easy payment scheme, which will allow shareholders to acquire the new shares in four installments spread over nine months. Subscription for the shares must be made through the UAE branches of Union National Bank, the lead receiving bank for the issue, or any of the receiving banks — which includes Mashreq Bank, Emirates Bank International and Dubai Bank.

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