Al Mazaya Holding has signed an agreement with Al Shall Consulting Company for consultancy services and full support of the First Dubai Real Estate Development acquisition process. The assignment includes monitoring all procedures involving the acquisition process, and ends with either the completion of the acquisition process or refusal. This move by Al Mazaya comes as the next step in its bid to take over the remainder of First Dubai's shares, of which Al Mazaya already owns 67 percent. Al Shall Consulting will do a full analysis of Al Mazaya and First Dubai situation to see how beneficiary it is for Al Mazaya to obtain the remaining 33 percent of the First Dubai shares, and should the acquisition process reach a confirmation stage, Al Shall Consulting will do an evaluation of the fair value of shares necessary for the exchange process between Al Mazaya and First Dubai. This study would cover all assets and liabilities of the two companies, a necessary step to determine a fair price. The analysis and evaluation process is set to be completed in 8 weeks. The managements of Al Mazaya Holding and First Dubai will review Al Shall's report.
