The Extraordinary General Assembly of First Dubai Real Estate Development Company approved 3 items for the meeting regarding the merger with Al Masaya Holding Company and the draft merger agreement by liquidation of “First Dubai”.
According to a report by the Kuwait Stock Exchange, the General Assembly approved the draft merger agreement signed with “Al Masaya” in September. The last will be the merging company.
The General Assembly approved all the annexes of the agreement, including the advice of the independent investment adviser, the asset valuation report prepared by the independent asset valuer and the share conversion ratio.
Assumes that “First Dubai” shareholders will receive 0.497 shares of “Al Masaya” shares in exchange for one share in “Dubai”; This is after completing all clearances from concerned regulatory authorities.
In the second item, the General Assembly approved the schedule for share rights, authorized the directors or executive management to amend the vesting date of shares, cease its trading according to the vesting schedule and dispose of fractions of shares. Any.
In the third section, it agreed to liquidate First Dubai Real Estate Development Company and transfer its entire financial responsibility, including assets and liabilities, to “Al Masaya” through a merger involving all its assets, rights and obligations. Accordingly, the legal personality of “First Dubai” will expire upon completion of the merger proceedings, its license will be canceled and it will be removed from the register of joint stock companies of the Ministry of Trade and Industry.