Emaar offers Dh15 a share for 100 per cent control of Emaar Development
Dubai property developer Emaar Properties intends to make a voluntary cash offer to acquire up to 100 per cent of the shares in its listed unit Emaar Development that it does not already own. The biggest listed developer in the emirate is offering Dh15 ($4.08) per share to investors to take full control of its subsidiary. The proposed offer is subject to approval by Emaar Properties’ board, the…
Dubai-based property giant Emaar Properties has announced a voluntary cash offer of Dh15 per share to acquire up to 100% of the shares in its subsidiary, Emaar Development. The offer, currently covering shares not already held by Emaar Properties and its subsidiary Emirates Property Holdings, could cost the developer up to Dh12.6 billion, based on the current share price.
Emaar Properties, known for constructing the iconic Burj Khalifa, currently holds a 79% stake in Emaar Development. The developer plans to increase its ownership further, with a previous approval in March 2022 to raise its stake by up to three percentage points. Emaar Development, the property development arm of Emaar, specializes in residential communities and build-to-sell projects in Dubai.
The latest move comes amid economic challenges in Dubai due to the ongoing Iran war. Emaar Properties, a leading real estate developer in the Middle East, has a diverse portfolio across the Middle East, North Africa, Asia, and Europe.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Emaar offers Dh15 a share for 100 per cent control of Emaar Development thenationalnews.com
