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DUBAI / WAM
Emaar Properties held a General Meeting on Wednesday, where shareholders approved the acquisition of Dubai Creek Harbour from Dubai Holding and 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 AED 3,750,000,000 to Dubai Holding. This represents the share element of an overall consideration of AED 7.5 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 AED 8,838,789,849.