United Real Estate Company (URC) announced that it has received the Capital Market Authority’s (CMA) approval to merge with United Towers Holding Company and Al-Dhiyafa Holding Company.
This is a non-cash transaction, as the share swap rate has been set at 0.64 shares of URC for every share in the capital of United Towers Holding Company, and 0.58 shares of  URC for every share in Al- Dhiyafa Holding Company.
Earlier last month, URC’s board of directors approved the reports issued by the asset valuator and investment advisor’s opinion on the fairness of the valuation with respect to the assets of all three companies. Accordingly, these reports were submitted to the Capital Markets Authority after obtaining the board of directors’ approval of the two merged companies: Al- Dhiyafa Holding Company and United Towers Holding Company.
URC will invite its shareholders to hold an Extraordinary General Meeting (EGM), after completing the necessary regulatory procedures and obtaining all required approvals to obtain shareholders’ approval for the merger. This step will also be followed by Al-Dhiyafa and United Towers.
Chairperson of the Board of Directors of United Real Estate Company, Sheikha Bibi Nasser Al-Sabah, expressed her content about achieving this important milestone. Once all procedures are finalized, this will bring an added value to the shareholders of all three companies, pointing out that the merging entity will benefit from a balanced and diversified portfolio of assets, and will provide shareholders of the two merged companies more liquidity in trading their shares, in addition to the possibility of growing the value of their investments in the future Meanwhile, Vice Chairman and CEO of United Real Estate Company, Mazen Hawa, stated that "the merging process will enhance the Group's operational performance, in line with its strategic vision and future goals, as well as increasing shareholders’ equity through the issuance of new shares. He expressed his gratitude to the Capital Markets Authority, and all regulatory and supervisory authorities, for their efforts and their role in taking into account the interests of all concerned parties.