Emaar shareholders approve acquisition of Dubai Creek Harbour, sale of Namshi

Emaar shareholders approve acquisition of Dubai Creek Harbour, sale of Namshi

Emaar Properties’ shareholders approved the acquisition of Dubai Creek Harbour from Dubai Holding and the sale of Namshi Holding to Noon AD Holdings from Emaar Malls Management, a subsidiary of Emaar Properties, at the company’s annual meeting held on September 1. In August, Emaar Properties announced it would fully acquire Dubai Creek Harbour from Dubai Holding for a consideration of Dhs7.5bn. According to a statement released by the company, “shareholders approved a motion to acquire assets from Dubai Holding and the issuance of a mandatory convertible bond with an aggregate value of Dhs3,750,000,000 to Dubai Holding”. This represents the ‘share’ element of the overall consideration of Dhs7.5bn, which was to be paid equally in cash and shares of Emaar Properties, 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 Dhs 8,838,789,849 on the conversion of such a mandatory convertible bond. Shareholders also approved the sale of Namshi to Noon for a total cash consideration of Dhs1.231bn, representing a premium of Dhs127m, the total investment by Emaar Malls Management in Namshi. The transaction is expected to close in