Emaar Properties (Emaar) has announced that it has agreed with its Indian Partner, MGF Development Limited, to reorganise their JV, Emaar MGF Land Limited, in which Emaar owns 49%, by means of a demerger. The projects/land owned by the JV will be distributed among both parties. Details of the allocation have yet to be made public. Management believes that this will allow for a more focused strategy and further expansion potential. (Company disclosure)
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