UAE's Aldar raises synergy estimate from Sorouh merger
DUBAI, March 4
DUBAI, March 4 (Reuters) - Abu Dhabi-listed developer Aldar Properties has raised its estimate of the value of synergies from its merger with another property firm, Sorouh, by 45 percent to 145-150 million dirhams ($39.5-40.9 million) annually.
"The company's initial per annum synergy estimate of 90-110 million dirhams by 2015 was derived principally from operational efficiencies and interest savings on acquired debt," it said in a statement on Tuesday.
The figure has been revised "based on stronger than expected operational synergies and revised lower cost of debt acquired in the acquisition, a significant proportion of which will start to be realised in 2014." The merger occurred in June last year.
($1 = 3.6730 UAE dirhams) (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)