Abu Dhabi’s Aldar, Sorouh see merger closing by June 30

Abu Dhabi property firms, Aldar Properties PJSC and Sorouh Real Estate are expected to close their merger by the end of June. (Photo courtesy: Aldar Sorouh)

Abu Dhabi property firms Aldar Properties PJSC and Sorouh Real Estate said the two companies expect to close their state-backed merger by June 30, pending a ministerial resolution approving the deal.

A three-month period for Sorouh creditors to object to the proposed merger has expired without any objections being raised, the two companies said in a joint bourse statement on Thursday.

The companies have applied for approval from Abu Dhabi’s Executive Council. Once the approval is granted, the two companies will apply for a ministerial resolution to approve the deal, they said. The resolution is expected to be issued between June 20 and June 30.

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

Last Update: Wednesday, 20 May 2020 KSA 09:40 - GMT 06:40