Aldar Sorouh merger denied

[sharewadi]

Apparently there were rumours of an Aldar Sorouh merger. Well, that's not a surprise. I think there have been enough merger rumours to sink and investment bank. Anyway, they were denied by Aldar .. with a "cannot comment" comment. Is that a denial of a denial then .

What's next? I'm waiting for RAK Poultry (RAPCO) and International Fish Farm (ASMAK) to announce a merger and then start up a new airline. Chicken-or-fish ?

Emirates Business 20 January 2009:

Aldar denies merger rumours with Sorouh By Abdel Hai Mohamad Aldar Properties (ALDAR) yesterday denied rumours of a merger with Sorouh Real Estate (SOROUH). Chairman of Aldar Properties Ahmed Ali Al Sayegh told Emirates Business yesterday a lot of rumours are floating in the Abu Dhabi Securities Exchange (ADX) on a possible merger between the two real estate giants. "I cannot comment on this news now because Mohammed Al Mubarak, Aldar's Chief Commercial Officer, said there is no imminent merger or any such plans in the long term and all what is said on the subject so far is untrue." The two company's total investments top $145 billion (Dh532bn), which includes Aldar's $75bn portfolio and Sorouh's $70bn. Aldar closing price yesterday on the ADX was Dh3.05 and Sorouh ended at Dh2.98. Analysts have said that Abu Dhabi's property demand will continue to be strong this year.

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[dabbler1]

1.96 is a record multiyear low for this stock if my system is correct about that.
How far away is it from current levels? Not very.
What happens below 1.96 to this company currently valued at over 5 billion dirhams? If this company, with its very valuable sandbank and current projects, see its share price at below 1, the government may well discuss openly the prospects of a merger with Al Dar.
A couple of positive developments for this stock would be the discovery of a couple of large oil fields under their sand bank, with real reserves, fields that can produce over 400 thousand barrels a day.
Then the exchange can do some work and reclassify this stock as an energy stock.
The second development is to build a Disney Land without borrowing money from anybody and finish the thing in two years.
Crazier things have happened in such markets so you still have the option to keep the faith by holding this stock, which is like a lottery ticket while oil stays above 50 dollars.
Can you imagine what will happen when SOROUH strikes oil?
at over 5o dollars a barell lots of shareholders will retire.