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Dubai's ENBD REIT to restructure

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Dubai's ENBD REIT to restructure

Following a review of strategic alternatives to maximize long-term value for shareholders, the board of directors of ENBD REIT (CEIC) PLC decided to proceed with formalizing a restructuring and to become a privately held real estate investment trust, subject to shareholders' and regulatory approvals.

The company is also considering to deposit its shares in Nasdaq Dubai's Central Securities Depository.

The Shari'a compliant REIT said it is in talks with the Dubai Financial Services Authority and other stakeholders.

Further details will be submitted for shareholders' approval at an upcoming extraordinary general meeting. This will be announced on or before Jan. 23, 2020.