Advertisement
What really powers the cloud? Behind every Google search, A...
A lot of what defines a home isn’t visible at handover. I...
Private equity has played a significant role in shaping Indi...
Luxury real estate is one of the most talked-about segments ...
Airports play a much bigger role than just enabling travel -...
Al-Mazaya Holding Company has taken another step towards its proposed merger with Waterfront Real Estate after its board approved the fair valuation report prepared by the appointed asset valuer and investment adviser. The board also decided to proceed with the merger by completing the required procedures and taking all necessary actions. The latest development follows the companies' preliminary agreement announced last year to study a merger by amalgamation, with Al-Mazaya expected to remain the merging entity and Waterfront Real Estate the merged company.
Al-Mazaya Holding Company has approved the fair valuation report prepared by the appointed asset valuer and investment adviser for its proposed merger with Waterfront Real Estate Company. The decision was taken by the company's board, which also authorised management to move forward with the merger process by completing all necessary procedures and regulatory requirements.
The approval marks an important stage in the proposed transaction, as the fair valuation report will form the basis for the merger process. While the company did not disclose the financial terms or valuation details, the board confirmed its intention to continue with the transaction by taking the required legal and administrative steps.
The merger proposal is part of a process that began in the past year, when Al-Mazaya Holding and the unlisted Waterfront Real Estate Company reached a preliminary agreement to study a merger by amalgamation. Under the proposed structure, Al-Mazaya Holding will be the merging company, while Waterfront Real Estate will be merged into it. At the time, the company had stated that the proposal had no immediate financial impact and was subject to the required evaluations and approvals.
The latest board approval indicates that the merger has progressed beyond the initial assessment stage, with the fair valuation exercise now completed. The company will continue the process in line with the applicable regulatory framework before the transaction can be finalised.
Source Reuters
Advertisement
Facebook
Whatsapp
