Emaar Development stock climbs 3.6% to four-month high

Emaar Development’s shares rose 3.6% on Wednesday, reaching their highest level in more than four months following an acquisition proposal from its parent company.

Emaar Properties, which owns approximately 79% of Emaar Development, announced plans to acquire up to 100% of its construction arm.

The parent company proposed an offer price of 15 dirhams ($4.08) per share.

The proposed transaction values Emaar Development at approximately 60 billion dirhams.

Shares of Emaar Properties increased 1.1% on Wednesday.