Emaar Properties PJSC on Friday confirmed that it will proceed as planned and hold a second Extraordinary General Meeting (EGM) on Saturday, July 16, 2005 to seek approval to double the capital of the company to AED 5,671,000,000 through a 1:1 rights issue.
The EGM held last week had representation accounting for 63 per cent of the shareholding, just short of the required 75 per cent required for a quorum. Today’s meeting, which will be held at 5.30pm in Emirates Towers’ Godolphin Ballroom, has a 55 per cent threshold to meet the requirements for a quorum.
The EGMs follow a meeting of Emaar’s board of directors who agreed to seek the approval of the shareholders to increase the capital of the Company from AED 2,835,500,000 to AED 5,671,000,000. Shareholders are also being asked to raise the limit on foreign ownership in the capital of the Company to 49 per cent and amend its Memorandum and Articles of Association to reflect the two resolutions.
