Abu Dhabi's Eshraq Properties drops merger plans with Reem Investments - The National:
Eshraq Properties has dropped plans to merge with fellow Abu Dhabi developer Reem Investments, after the two companies could not agree on the terms of the transaction, the company said on Tuesday. "The strategic investment of Reem Investments in Eshraq Properties will not be completed," Eshraq board said in a statement to Abu Dhabi Securities Exchange, where its shares are traded. “Further to discussions and deliberations, the parties have not been able to agree on major commercial matters underpinning the deal,” the company said without giving further details. Eshraq, which has a market capitalisation of Dh2.325 billion and privately-held Reem Investments, with a paid-up capital of Dh1.55bn announced a possible consolidation of their holdings in 2017, in a deal that would have created the emirate’s second-largest listed developer.
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