Aldar-Sorouh merger to be completed by June

February 12, 2013 | By RetailME Bureau

Abu Dhabi’s two biggest property firms agreed on an all-share merger in January, creating a business with $13 billion in assets. The state-backed merger creates the second-largest listed property firm in the UAE and one of the biggest in the Middle East.

Both companies will hold an extraordinary general meeting of shareholders to vote on the proposed merger on February 21, Aldar said in a filing to Abu Dhabi exchange on January 28. The property firms said the effective date for the merger was set for June 30 when new Aldar shares would be issued to Sorouh shareholders.

Under the merger proposal, Sorouh shareholders will get 1.288 Aldar shares for every share they own. The deal is subject to shareholder approval. Sorouh will be dissolved and delisted from the local bourse once the merger is completed and Sorouh shares would be suspended on June 23.

According to Abubaker Seddiq Al Khouri, the proposed chairman of the new business, Sorouh shareholders will get a premium of 16.9%. The Abu Dhabi government will own a 37% stake in the new firm and will also pay Sorouh $872 million in exchange for some infrastructure assets and units in its The Gate development.

The management of the combined group, to be named Aldar Sorouh Properties, has proposed a nine-member board that includes Al Khouri as chairman and Mubadala’s head of property and infrastructure unit Ali Eid AlMheiri as vice chairman. Mubadala will be the single largest shareholder in the combined entity with a holding of 19.15%.



Previous Article Next Article


Union Coop, a consumer cooperative in the UAE, revealed that 78% of 

Continue Reading

August 24, 2021 | By Jibran Chouguley

Union Coop has opened its 23rd branch within the UAE in Jumeirah 

Continue Reading

August 2, 2021 | By Jibran Chouguley

Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and 

Continue Reading

July 8, 2021 | By Jibran Chouguley

UAE-based Al Maya Group announced that it will be boosting import of 

Continue Reading

June 24, 2021 | By RetailME Bureau

UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu 

Continue Reading

June 2, 2021 | By RetailME Bureau

UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand 

Continue Reading

March 31, 2021 | By RetailME Bureau

Locally owned supermarket Spinneys celebrates 60 years of doing business in the 

Continue Reading

March 9, 2021 | By RetailME Bureau
Almarai, Carrefour, Emirates have the most loyal customers

UAE-based Carrefour will become the first retailer in the region to offer new levels 

Continue Reading

February 22, 2021 | By RetailME Bureau

The Organic Farmers’ Market is back in Bay Avenue for its 12th 

Continue Reading

February 17, 2021 | By RetailME Bureau

UAE-based  Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah, 

Continue Reading

February 15, 2021 | By RetailME Bureau
Jones the grocer

Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones 

Continue Reading

February 1, 2021 | By RetailME Bureau

UAE-based Al Maya Supermarkets is hosting a two-week food festival at select 

Continue Reading

January 17, 2021 | By Lawrence Pinto

Download Images RetailME Magazine