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20 Apr
2017

Union Properties postpones OGM over incomplete quorum

 
 

Union Properties (UP) on Wednesday announced that its ordinary general meeting (OGM) has been postponed to Wednesday, 26 April due to a lack of quorum.

Shareholders present in Wednesday’s meeting represented 42.9% of the company’s capital.

UP’s shareholders were set to discuss a bonus share distribution representing 8% of capital for 2016, at an 8-for-100 ratio.

The Dubai-listed property developer last reported AED 211.42 million in profits for 2016, down 51.4% from AED 434.61 million in 2015.

 

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