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- Dubai 04:26 05:44 12:20 15:47 18:50 20:08
Emaar Properties plans to sell $375m convertible notes issue that can be increased up to $500m. (FILE)
Emaar Properties will discuss its stake in mortgage lender Amlak Finance at the company’s board meeting on Wednesday, 'Al Bayan' daily reported citing unnamed sources.
Amlak's fate is uncertain following Dubai Islamic Bank's announcement on Sunday that it had raised its stake in Islamic mortgage firm Tamweel to 57.33 per cent.
The UAE had earlier planned to merge the two mortgage lenders and the deal could be scrapped following DIB’s announcement, analysts say.
The meeting, which was scheduled for Monday, will discuss company performance along with other "matters of importance", Emaar said. It gave no reason for the postponement.
In a statement to Dubai Financial Market, the Dubai-based property developer said it postponed board meeting to Wednesday which was earlier scheduled to be held on Monday at 2pm after the closure of the stock market.
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