Buying out: The logo of Emaar Properties PJSC on a building in morning fog in Dubai. The developer, which already owns 85% of Emaar Malls, proposed to pay 0.51 share for every Emaar Malls share, valuing the business at 24 billion dirhams (US$6.5bil). — Bloomberg
DUBAI: Emaar Properties PJSC, the Dubai-based developer of the world’s tallest tower, plans to take over its malls unit as the coronavirus pandemic exacerbates a property downturn in the Middle East business and tourism hub.
The developer, which already owns 85% of Emaar Malls, proposed to pay 0.51 share for every Emaar Malls share, valuing the business at 24 billion dirhams (US$6.5bil). According to Bloomberg calculations, the offer values Emaar Malls’ at 1.85 dirhams per share and it’s a premium of about 10% to its last closing price.
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