Emaar seeks rights issue

DUBAI — Emaar Properties has forwarded a letter to the Ministry of Finance and Planning to increase the company’s capital from Dh 2,835,500,000 to Dh 5,671,000,000, through a 1:1 rights issue.

By A Staff Reporter

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Published: Tue 28 Jun 2005, 10:28 AM

Last updated: Thu 2 Apr 2015, 2:49 PM

The company noted that external auditors Ernst & Young have set a premium of Dh12.42 per share according to the mechanism specified in the ministerial order No. 165 of 2004 pertaining to the share increase of public listed companies.

The auditors have based their decision on the obligations of the ministerial order, the financial statements provided by the company, as well as the face value, market value, and book value of Emaar’s stock.

In line with its policy to protect the interests of shareholders and the economic guidelines of the financial market, Emaar will soon hold an extraordinary general meeting to seek approval on setting a premium between Dh5-6 per share.

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