Dubai :Emaar to sell excess rights issue

Dubai: Emaar Properties announced yesterday it will sell the unsubscribed portion of its rights issue to those investors who had applied for more shares than their entitlement. Emaar offered a 1:1 rights issue to investors in August 2005 at Dh5 per share including Dh4 premium. The company had offered the flexibility of paying for the shares through four equal installments. It is now offering to sell that portion of the offering, which was not taken up by the rights holders. « The surplus shares are now being allocated to shareholders who requested more shares than their initial entitlement and who reflected such intention at the time, » Emaar said. While the shares will be sold at the same offer price of Dh5 per share, the company has not specified how many shares are available. Investors eligible for the offer will be notified directly by the company and the will have 30 days to settle the payments for the additional shares allocated.