The Extraordinary General Assembly of First Dubai Real Estate Development Company approved 3 items for the meeting regarding the draft merger contract through annexation with Al Mazaya Holding Company, and the dissolution of “First Dubai”.
According to a statement by the Kuwait Stock Exchange, the General Assembly approved the draft merger contract through annexation signed with “Al Mazaya” in September. The last one will be the merging company.
The General Assembly also approved all annexes to the contract, including consulting the independent investment advisor, the asset valuation report prepared by the independent asset evaluator, and the share exchange rate.
The consideration that “First Dubai” shareholders will receive, amounting to 0.497 shares of “Al Mazaya” shares, in exchange for a share in “Dubai” represents; This is after completing all approvals from the relevant regulatory authorities.
In the second item, the General Assembly approved the schedule for stock entitlements, authorizing the Board of Directors or Executive Management to amend the date of acquisition of the stock, stop its trading according to the vesting schedule, and dispose of fractions of shares, if any.
In the third clause, it agreed to dissolve First Dubai Real Estate Development Company and transfer its entire financial liability, including assets and liabilities, through annexation that includes all of its assets, rights, and obligations to “Al Mazaya.” Accordingly, the legal personality of “First Dubai” will expire after the completion of the merger procedures, its license will be canceled and it will be deleted from the records of the Department of Joint Stock Companies at the Ministry of Commerce and Industry.
2023-12-24 16:39:04
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