Tamweel And Amlak To Merge

Dubai-based mortgage lenders Amlak Finance and Tamweel said on October 4 that they have entered into preliminary merger talks. Although the two companies have denied the merger has anything to do with funding difficulties, shares in both firms fell on the first day of trading following the Eid holiday with Tamweel down 7.37% to AED3.52 (US$0.96) and Amlak losing 3.94% to AED3.17 (US$0.86). The proposed merger, if negotiations are successful and it receives the necessary regulatory approvals, would close in early 2009 and create a combined company with a balance sheet worth in excess of AED27bn (US$7.35bn). The firms have

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