Dubai – Mubasher: Standard & Poor’s has provided Emer Malls with a long-term credit rating. BB + By integrating with Emaar Properties, with a consistent perspective“.
Emaar Properties transferred all assets and liabilities of Emaar Malls; Including a $ 750 million chuck that will mature in 2024 for Emaar Mall management“.
The company expects a strong recovery in Emaar assets in the first nine months of 2021 to extend to 2022 and support strong free cash flow. At the time, Emar Malls recorded a strong recovery in its operational performance; Its revenue increased 28% to 3.2 billion dirhams.
Recently, Emaar Properties announced the approval of the Securities and Commodities Authority to increase the company’s capital and edit its articles, in order to issue new shares to the shareholders of Emaar Properties..
In a statement to the Dubai Stock Exchange last Sunday, Emaar Properties explained that 0.51 new shares (excluding shares registered under the name Emaar Properties) will be allotted to Emaar Malls, after which it will be activated. Today’s session ends, November 21, 2021.
I recognized all of my company “Emaar Properties and Emaar Malls“ November 21, 2021 is the date of implementation of the planned merger between them at the end of the Sunday trading session.
Shares of “Emaar Malls” will be transferred, its list will be removed from the Dubai Financial Market, and a capital increase will be implemented for “Emaar Properties”.“.
⁇ Emaar Properties Shares During the transactions of the session last Sunday, the planned merger decision with Emar Malls was implemented..
I was not expecting at all Standard & Poor’s Agency Credit ratings by the end of June 2021.
According to the agency, this is more than the income before interest, tax, depreciation and repayment of the loan. 8Improved funding from billions of dirhams and operations (FFO) Debt is about 30 percent.
Standard & Poor’s changed its outlook on Emaar assets from negative to stable and confirmed the company’s long-term credit rating.BB +.
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