Tuesday 2 July 2013

Aldar Drops as Acquisition Gains Seen Overdone: Abu Dhabi Mover - Bloomberg

"Aldar Properties PJSC (ALDAR), Abu Dhabi’s biggest developer, fell for the first time since acquiring Sorouh Real Estate Co. on June 30 as investors speculated gains were overdone.
The shares fell 2.6 percent to 2.25 dirhams at the close in Abu Dhabi today, trimming this year’s gain to 77 percent. Aldar shares were the most-active in the Bloomberg GCC 200 Index (BGCC200) of the largest companies in the Gulf, with more than 117 million changing hands today. Aldar’s stock gained 11 percent in the previous three days. Abu Dhabi’s ADX General Index (ADSMI) fell 0.7 percent to 3,583.74, trimming this year’s gain to 36 percent.
Aldar completed the acquisition of Sorouh on June 30, creating a company with $13 billion in assets. The smaller builder’s shares were delisted from Abu Dhabi’s bourse after shareholders received 1.288 Aldar shares for each share held in an all-stock transaction."

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