Aldar Properties PJSC (ALDAR) and Sorouh Real Estate Co. (SOROUH) surged a fifth day, pushing Abu Dhabi’s index to the highest in almost two weeks, on bets a potential merger may bolster their businesses.
Aldar, the biggest developer in the United Arab Emirates capital, rallied 6.6 percent to 1.45 dirhams, the highest since May 15, at the 2 p.m. close in the emirate. Sorouh, the second- biggest developer, advanced 5.8 percent to 1.45 dirhams, the highest since May 4. The stocks, the most traded in the index, lifted the ADX General Index (ADSMI) up 0.3 percent. About 95 million Aldar shares traded yesterday, the most on record.
Aldar and Sorouh, down 60 percent and 48 percent in 2011, said in a joint statement on March 11 they set up a team to study a possible merger with the “blessing” of the emirate’s government. The team will present a plan in the next three months. Government-owned Mubadala Development Co. holds 49 percent of Aldar, while the Abu Dhabi Investment Authority, a sovereign wealth fund, has a 7 percent stake in Sorouh.
No comments:
Post a Comment