Emaar Properties shareholders approved the acquisition of Dubai Creek Harbor from Dubai Holding and the sale of Namshi Holding to Noon AD Holdings, at the company’s annual meeting held on September 1.
In August, Emaar Properties announced that it would acquire the entire Port of Dubai Creek from Dubai Holding for 7.5 billion Dhs.
Read: Emaar signs agreement with Dubai Holding to acquire Dubai Creek Harbor
According to a statement released by the company, “Shareholders have approved a motion to acquire assets from Dubai Holding and the issuance of a mandatory convertible bond with a total value of Dhs 3,750,000,000 to Dubai Holding.”
This represents the “share” element of the overall consideration of Dhs 7.5 billion, 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 of Emaar Properties, and the share capital of the company will be increased to MAD 8,838,789,849 upon conversion of such mandatory convertible bond.
Sale of Namshi
Shareholders also approved the sale of Namshi to Noon for a total cash consideration of Dhs 1.231 billion, representing a premium of Dhs 127 million, the total investment by Emaar Malls Management, a subsidiary of Emaar Properties, in Namshi .
Lily: Dubai’s Emaar sells Namshi online platform to Noon
The transaction is expected to close in the coming months, subject to satisfaction of various conditions, including, among others, final regulatory approvals.
Special resolution adopted
A special resolution was also passed removing the minimum contribution of UAE nationals and GCC nationals in the company, which means there is no minimum participation for UAE nationals and GCC nationals, and no participation limit for non-Emirati nationals.
Read: Emaar Properties board recommends removing foreign ownership limit on shares
A spokesperson for Emaar said the general meeting “represents the final milestone in completing two high-profile transactions for Emaar, both of which reflect the company’s ongoing strategy to maximize core business while continuing to deliver exceptional value to our shareholders.”
