Abu Dhabi’s Merged Property Firms To Begin Trading On June 30

Abu Dhabi developers Aldar Properties and Sorouh Real Estate will trade as a merged entity from June 30 with a capital of Dhs7.86 billion ($2.1 billion), the Abu Dhabi exchange said in a statement on Sunday.

The opening base price of the merged entity will be the closing price of Aldar on the final trading day of June 27, the statement added. Aldar shares fell 4.4 per cent on Sunday but have risen nearly 77 per cent year-to-date.

Sorouh, the smaller among the two property firms, would be delisted from the Abu Dhabi bourse on June 30.

The boards of the state-linked rivals agreed on a merger in January and the deal was expected to be completed by end-June.

Earlier this month, the companies said a three-month period for Sorouh’s creditors to object to the proposed merger had expired without any objections being raised.