ABU DHABI: Shareholders of Abu Dhabi’s Aldar Properties have approved the developer’s plans to merge with rival Sorouh Real Estate at a meeting yesterday, a spokesman for Aldar said.
The boards of both state-linked firms proposed a merger in January to create a business with assets worth $13bn. The deal was expected to be completed by end-June. The shareholders’ meeting had 69 percent attendance, he added, declining to be identified on the grounds of company policy. The meeting needed a 50 percent quorum for the merger vote to be valid. Reuters
