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We would like to inform you that the Capital Markets Authority (CMA) has issued its approval on the merger contract on Sunday September 24, 2023, in relation to merger by amalgamation between Al Mazaya Holding Company K.S.C.P. (Holding) and First Dubai Real Estate Development Company K.S.C.P., whereby Al Mazaya Holding Company will be the merging company and First Dubai Company will be the merged company.
According to the results of the independent assets valuation report and the opinion of the independent investment advisor regarding the fairness of that valuation, the share swap ratio was calculated as (0.497) for Al Mazaya Holding Company’s share in exchange for (1) share of First Dubai Real Estate Development Company.
The merger process referred to above is subject to the approval of the extraordinary general assembly of both the merging and the merged companies, the date of which will be set later after completing the remaining relevant regulatory procedures and regulatory approvals necessary to hold these general assemblies in accordance with the provisions of Law No. 7 of 2010 regarding the establishment of the Capital Markets Authority, regulating securities activity, its executive regulations and their amendments.
We further note that the merger contract will be available to the company’s shareholders for review starting tomorrow 25-September-2023, at the company’s head office located in Al Mirqab - Khalid Bin Al Waleed Street - Al Mazaya Tower (1) - Floor (21). |