“Emaar” shareholders approve the “Creek Harbor” and “Namshi” deals, and the abolition of the foreign ownership limit

“Emaar” shareholders approve the “Creek Harbor” and “Namshi” deals, and the abolition of the foreign ownership limit
“Emaar” shareholders approve the “Creek Harbor” and “Namshi” deals, and the abolition of the foreign ownership limit

At the company’s general assembly meeting, held remotely at the Address Boulevard Hotel Dubai, the shareholders of Emaar Properties approved the agenda of the meeting, which was held under the chairmanship of Jamal Majid bin Thaniah, Chairman of the Company’s Board of Directors, and in the presence of more than 66% of the shareholders, including It includes in its three articles the decision to acquire the assets of Dubai Creek Harbor from “Dubai Holding” and the issuance of mandatory bonds to increase the capital to 8.83 billion dirhams, and the second regarding the sale of the “Namshi” company to “Noon” for 1.23 billion dirhams.

Likewise, the decision to cancel the minimum contribution of citizens of the United Arab Emirates and citizens of the Gulf Cooperation Council countries in the company was approved, and Article (7) of the company’s articles of association was amended, after obtaining the approval of the competent authority to become as follows, and authorizing the company’s chairman to make the required amendment .
The text of Article (7) becomes: “All the company’s shares are nominal, and there is no minimum shareholding for UAE nationals and citizens of the Gulf Cooperation Council countries in the company, and there is no maximum share for non-nationals.”

A deal to own Creek Harbor

The acquisition of Dubai Holding’s assets in the Dubai Creek Harbor project was approved in exchange for a specific cash consideration payable at the closing of the deal, a specific deferred consideration payable under the deferred consideration agreement, and a mandatory convertible bond.

Under this clause, it was approved that the company would issue a mandatory convertible bond with a total value of 375,000,000 dirhams for the benefit of Dubai Holding (or one or more of its subsidiaries). The bond is convertible to 6,590,50967 new shares in the company, and the company’s capital is increased to 8,838,789,849 dirhams upon conversion. Each share in the Company shall be treated as fully paid upon conversion.

Thus, the company’s capital will be increased to 8.83 billion dirhams through the issuance of 659.05 million fully paid shares with a nominal value of one dirham per share.

Namshi sale deal

The second decision included approving the recommended sale of Namshi by Emaar Shopping Centers Management to Noon Holdings for a cash consideration of 1.23 billion dirhams, payable at the closing of the deal.

The article is in Arabic

Emirates

Tags: Emaar shareholders approve Creek Harbor Namshi deals abolition foreign ownership limit

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