Sorouh Real Estate said yesterday it had elected Mubarak Mattar Al Humairi as the new chairman of the board of directors at its latest board meeting on Thursday as it studies a possible merger with Aldar Properties.
A spokesperson for Sorouh, who declined to be named due to company policy, said Al Humairi had "a significant amount of real estate experience and has had a distinguished career in investment management, making him well placed to oversee any potential merger."
He added the new appointment follows Saeed Eid Al Ghafli's successful tenure as chairman, who oversaw the company's creation in 2005 and subsequent growth from a Dh2.5 billion company when it listed on the stock market to a net worth of Dh6.5 billion today.
Al Humairi has served on Sorouh's board since the company's inception in 2005. Merger
Besides electing the chairman, the company took decisions relating to the formation of the board's committees, and considered general business, operational and strategic items, the company's Corporate Secretary Donovan Joseph said in a statement on the Abu Dhabi Securities Exchange.
Shares in Sorouh Real Estate and Aldar Properties surged last week after both companies announced a study group would be set up to assess a potential merger between the two.
Sorouh shares closed down 6.5 per cent at Dh1.30 yesterday in a slightly negative overall market.