DUBAI, March 4 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)
"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)