Dubai, July 18, 2005: Emaar Properties PJSC today announced it had set a deadline just three days away for the first phase of its 1:1 rights issue. This Thursday, July 21, 2005, has been confirmed as the final trading day for investors to buy the shares that would entitle them to participate in the rights issue.
In its first formal statement since shareholders on Saturday supported the Directors’ decision to increase its capital from AED 2,835,500,000 to AED 5,671,000,000 through the rights issue, the company released full details of the issue.
It confirmed that only investors registered as shareholders by next Sunday, July 24, 2005, would qualify for rights to the new shares. At just AED 5 an AED 4 premium on top of the AED 1 nominal value – the issue price represents a substantial discount on the market value of the shares. Emaar shareholders will also qualify for bonus shares equivalent to 15 per cent of their holdings if they subscribe for the rights issue.
Mr. Mohamed Ali Alabbar, Chairman of Emaar, said: “This is a wonderful opportunity for our shareholders to further participate in the progress and development of their company. They are getting tremendous shareholders’ value and Emaar is continuing to break new ground while improving its financial performance, as our record AED 2.533 billion half-year profits demonstrate.”
Formal invitations to subscribe for the new shares will be sent to stockholders from Thursday, July 28, 2005 onwards.
The company revealed that the start date for subscriptions would be Thursday, August 4, 2005 and that the subscription period would run for 10 working days, until Monday, August 15, 2005.
Emaar also unveiled details of an easy payment scheme which will allow shareholders to acquire the new shares in four instalments spread over nine months.
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 – which includes Mashreq Bank, Emirates Bank International and Dubai Bank.
