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Emaar Properties shareholders okay acquisition of Dubai Creek Harbour
Shareholders also approved the sale of Namshi to Noon for a total cash consideration of Dh1.231 billion
Shareholders approved a motion to acquire assets from Dubai Holding and the issuance of a mandatory convertible bond with an aggregate value of Dh3,750,000,000 to Dubai Holding. — Supplied photo
Emaar Properties on Wednesday held a general meeting, where shareholders approved the acquisition of Dubai Creek Harbour from Dubai Holding.
The shareholders also approved the sale of Namshi Holding Limited to Noon AD Holdings Ltd from Emaar Malls Management, a wholly-owned subsidiary of Emaar Properties.
Shareholders approved a motion to acquire assets from Dubai Holding and the issuance of a mandatory convertible bond with an aggregate value of Dh3,750,000,000 to Dubai Holding. This represents the share element of an overall consideration of Dh7.5 billion to be paid equally in cash and shares of Emaar Properties PJSC, making Dubai Holding the second largest shareholder of Emaar.
The mandatory convertible bond will be convertible into 659,050,967 new shares in Emaar Properties, and the company's share capital shall be increased to Dh8,838,789,849 on the conversion of a such mandatory convertible bond.
Shareholders also approved the sale of Namshi to Noon for a total cash consideration of Dh1.231 billion ($ 335.2 million), representing a premium of Dh127 million on the total investment by Emaar Malls Management in Namshi.
The sale is representative of Emaar's strategy to divest assets which are not reflective of its core business, with proceeds to be reinvested into the real estate development business, building on its core elements and offering a sustained value for shareholders.
The transaction is expected to close in the coming months, subject to meeting various conditions, including, inter alia, final regulatory approvals.
Shareholders also approved a special resolution regarding the abolition of the minimum contribution of UAE nationals and GCC nationals in the company, meaning there is no minimum shareholding for UAE nationals and GCC nationals, and no shareholding limit for non-UAE nationals.
"Today's general assembly meeting represents the final step in the completion of two high-profile transactions for Emaar, which both reflect the company's ongoing strategy to maximise the core business, while continuing to offer outstanding value for our shareholders," according to a spokesperson for Emaar.
— muzaffarrizvi@khaleejtimes.com
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