* Shareholders of Aldar, Sorouh to vote on Feb 21
* Sorouh shares to be delisted on June 23
* Nine-member board proposed for combined entity
(Adds details)
DUBAI, Jan 28 (Reuters) - Shareholders of Abu Dhabi
state-linked firms Aldar Properties and Sorouh Real
Estate will vote on the proposed merger next month and
the deal is expected to be completed by end-June, the companies
said in a joint statement.
Abu Dhabi's two biggest property firms agreed on an
all-share merger last week creating a business with $13 billion
in assets.
The state-backed tie-up, aimed at reviving the emirate's
battered real estate sector, creates the second-largest listed
property firm in the United Arab Emirates and one of the biggest
in the Middle East.
Both the companies will hold an extraordinary general
meeting of shareholders to vote on the proposed merger on Feb
21, Aldar said in a filing to Abu Dhabi bourse Monday.
The property firms said that the effective date for the
merger was set for June 30 when new Aldar shares would be issued
to Sorouh shareholders.
Under the merger proposal, Sorouh shareholders will get
1.288 Aldar shares for every share they own. Sorouh will be
dissolved and delisted from the local bourse once the merger is
completed. The deal is subject to shareholder approval.
Shares of Sorouh would be suspended on June 23, the
statement said.
Sorouh shareholders will get a premium of 16.9 percent,
Abubaker Seddiq al-Khouri, Sorouh's managing director and the
proposed chairman of the new business had said during the merger
announcement.
The Abu Dhabi government will own a 37-percent stake in the
new firm and will also pay Sorouh 3.2 billion dirhams in
exchange for some infrastructure assets and units in its The
Gate development.
The management of the combined group, to be named Aldar
Sorouh Properties, has proposed a nine-member board which
includes Khouri as chairman and state-owned fund Mubadala's head
of real estate and infrastructure unit Ali Eid Al Mheiri as vice
chairman.
Mubadala will be the single largest shareholder in the
combined entity with a holding of 19.15 percent.
Other board members include Mubarak Matar Al Humairi, Sultan
Ahmed Al Jaber, Ali Majid Al Mansouri, Ali Saeed Abdulla Sulayem
Al Falasi, Mansour Mohamed Al Mulla, Ahmed Khalifa Mohamed Al
Mehairi and Martin Lee Edelman.
(Reporting by Praveen Menon; Editing by Dinesh Nair)