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Emaar to write off Dubai Bank investment in Q2
Held 30 pct stake in Dubai Bank, worth AED172 million; Dubai govt said on Monday it took over Dubai Bank
May 19, 2011 8:41 by Reuters
Real estate developer Emaar Properties will write off its investment in Dubai Bank in the second quarter after Dubai’s government said it will take over the troubled lender, Emaar said in a statement Thursday.
Emaar held a 30 percent minority stake in Dubai Bank, valued at approximately 172 million UAE dirhams ($46.83 million), or 0.3 percent of Emaar’s total assets. Dubai Bank is wholly-owned by Dubai Banking Group which itself is 70 percent-owned by Dubai Holding.
“The value of this investment will be written off during second quarter of 2011,” the company said in the statement.
Dubai, which is struggling to emerge from a debt crisis, said on Monday it will inject an unspecified amount of capital into the bank and its takeover would protect depositors’ interests.
The move effectively diluted the complete holding of Dubai Bank’s current shareholders. (Reporting by Shaheen Pasha; Editing by Andrew Hammond)