Dubai – Mubasher: Standard & Poor’s has assigned the long-term credit rating to Emaar Malls at BB+ With a stable outlook, given its merger with Emaar Properties“.
Emaar Properties transferred all assets and debts of Emaar Malls; Including a $750 million sukuk maturing in 2024, to Emaar Mall Management“.
The agency expects that the strong recovery of Emaar Properties in the first nine months of 2021 will extend into 2022, and will support strong free cash flow. At that time, Emaar Malls recorded a strong recovery in its operational performance; Its revenues increased by 28% to reach 3.2 billion dirhams.
Recently, Emaar Properties announced the approval of the Securities and Commodities Authority to increase the company’s capital and amend its articles of association, provided that Emaar Properties will issue new shares to the shareholders of Emaar Malls as a result of the merger process..
Emaar Properties explained in a statement to the Dubai Stock Exchange last Sunday, that according to this, 0.51 new shares will be allocated in the shares of Emaar Malls (excluding the shares registered in the name of Emaar Properties), and this will be activated after the end of today’s session, November 21, 2021.
I identified all of my company “Emaar Properties and Emaar Malls” The date of activating the planned merger between them at the end of the trading session on Sunday, November 21, 2021.
The shares of “Emaar Malls” will be replaced, its listing will be delisted from the Dubai Financial Market, and the capital increase of “Emaar Properties” will be activated“.
وصعد Shares of Emaar Properties During the transactions of last Sunday’s session, coinciding with the activation of the planned merger decision with Emaar Malls.
It is noteworthy that Standard & Poor’s, credit rating agency, expected the end of June 2021 for a recovery in Emaar Properties’ profits and credit metrics in 2021..
The agency noted, it is likely to exceed earnings before interest, tax, depreciation and amortization 8Billions of dirhams and improved funds from operations (FFO) debt to about 30 percent.
Standard & Poor’s revised its outlook for Emaar Properties from negative to stable and confirmed the company’s long-term credit ratingBB+.
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