"Sorouh Real Estate Co. (SOROUH) and Aldar Properties PJSC (ALDAR) rallied after the biggest developers in Abu Dhabi sought to complete their merger this month, helping the benchmark index rebound from losses.
Sorouh climbed 8.3 percent to 2.99 dirhams, the highest since November 2009, while Aldar advanced 4.3 percent to 2.42 dirhams, the strongest since January 2011. They were the most-traded stocks on the benchmark ADX General Index (ADSMI), which pared losses to close little changed.
Aldar and Sorouh, which plan to create a developer with $13 billion in assets, said today they expect the proposed merger to take effect between June 20 and June 30 after approval from the Abu Dhabi Executive Council and a ministerial resolution. Aldar is offering 1.288 shares for every Sorouh stock in an all-share transaction. Sorouh won’t be halted before the merger takes effect, the companies said today."
'via Blog this'
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