Emaar plans to delist construction unit after board approves $3.3 billion buyout
Dubai's Emaar Properties plans to delist its construction unit from the emirate's stock exchange after its board approved a Dh12 billion ($3.3 billion) buyout plan aimed at streamlining the group's business. The company is offering Dh15 for each share it does not own in Emaar Development, Emaar Properties said in a filing on Thursday to the Dubai Financial Market . Emaar Development has four…
Dubai's Emaar Properties announced plans to delist its construction subsidiary, Emaar Development, from the emirate's stock exchange following approval of a Dh12 billion buyout. Emaar Properties aims to streamline the group's business operations by consolidating the domestic development business under a single capital allocation framework.
The company offered Dh15 per share for the unsold 793.5 million Emaar Development shares, representing a 19.4% premium over the stock's closing price of Dh12.56 on November 2. Emaar Development's shares closed at Dh14.52 on Thursday, down 0.4%. The acquisition is expected to simplify Emaar Properties' structure and enable better management of the domestic development business.
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