Emaar Malls jumps 7% after merging with Emaar Properties

coinciding with the rise in Emaar Properties' shares by more than 2% to reach AED 3.8, Emaar Malls shares in the Dubai Financial Market jumped by 7.1% to reach AED 1.72.

According to Arabiya Net, the two stocks were the most active in terms of value in the Dubai market, whose index rose by 0.7% to 2588 points.

Yesterday, Tuesday, the Board of Directors of Emaar Properties approved the re-integration of Emaar Malls upon a recommendation submitted to the General Assembly.

The offer to merge Emaar Malls into Emaar Properties includes the award of a 0.51 share in the parent company for every share of Emaar Malls.

The offering comes at a premium for Emaar Malls shareholders, whose shares constitute approximately 0.47 share of Emaar Properties.

The quarterly profit of Emaar Malls in the fourth quarter of last year fell by 78% to 118 million dirhams, far below analysts' expectations of 307 million dirhams.