UAE’s Emaar Malls starts merger consent solicitation for 2024 sukuks

Chicago, Sept. 7 – Dubai’s Emaar Malls PJSC started a consent solicitation on Monday for its $750 million outstanding trust certificates due 2024 (ISIN: XS1075401726) issued by EMG Sukuk Ltd., according to an announcement.

Emaar is soliciting consents to allow for the merger of Emaar Malls and Emaar Properties PJSC. Also, the reconstitution would allow the business to be reconstituted and the obligor would be Emaar Malls Management LLC, a wholly owned subsidiary of Emaar Properties.

The consent solicitation would allow for the merger and also would waive any and all change-of-control events.

The deadline to receive a consent fee of 0.1% of the face amount of the certificates is 11 a.m. ET on Sept. 17. The consent fee will be paid to certificateholders voting in favor of the extraordinary resolution.

The expiration deadline is 5 a.m. ET on Sept. 27.

The meeting will be held by videoconference at 5 a.m. ET on Sept. 28.

A quorum of 75% of the certificateholders need to be represented at the meeting, and a vote in favor by 75% of those present is needed to pass the resolution.

The payment date for the consent fee will be not later than the third business day following the effective date of the merger.

The solicitation agent is Standard Chartered Bank (+44 20 7885 5739, +971 4508 4412, +65 6596 8807, liability_management@sc.com).

Morrow Sodali Ltd. is the information and tabulation agent (+852 2319 4130, +44 20 4513 6933, emaar@investor.morrowsodali.com, https://projects.morrowsodali.com/emaar).

Emaar Malls is a subsidiary of Dubai-based developer Emaar Properties.

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