Investors up against deadline for Emaar rights issue
The 10-day subscription period for Emaar Properties PJSC’s 1:1 rights issue, to increase its shares from 2,835,500,000 to 5,671,000,000, closes at the end of business today (Monday, August 15, 2005). The issue opened for subscription on Thursday, August 4.
Priced at AED 5, an AED 4 premium, a share, the issue has attracted immense interest from shareholders and the take up rate for the rights will be announced later this week.
Mr. Mohamed Ali Alabbar, Chairman of Emaar, said: “The response from shareholders has been extremely positive. They recognise the value that will accrue from Emaar’s international expansion. “This increase in capital is the catalyst for Emaar to move to the next stage of its development as a truly global corporation and consolidates its position as the leading real estate group in the world.”
Emaar’s offer of a nine-month, four-instalment payment option has been well received by its shareholders. Those who pay in full on the first required date will receive their complete entitlement of shares. Those who chose to pay by instalment will receive at each stage the proportion of shares paid for.
Subscription for the shares must be made through the UAE branches of Union National Bank, the lead receiving bank for the issue, or any of the receiving banks – Mashreq Bank, Emirates Bank International and Dubai Bank.