Union Real Estate Company stated in a statement sent to the Dubai Financial Market that its general assembly, which was scheduled for May 30, 2020, was postponed due to technical problems, as it was supposed to be held remotely and a vote on the private agenda Email them out.
The company indicated in the statement that coordination has been made with the Securities and Commodities Authority regarding the postponement of the general assembly, and that a further date will not be fixed for it yet.
The stock recorded the largest decline in the Dubai market today, falling by 4.98%, closing at 26.7 (fils). 83.9 million shares were traded, at a value of 22.68 million dirhams, during the session today.
It is noteworthy that the general assembly of the company would have discussed some special decisions, including the use of statutory reserves not to exceed 332.88 million dirhams to reduce the accumulated losses according to the company’s budget by the end of December 2019, in addition to discuss renewing approval of the company’s purchase of its shares by a rate not exceeding 10% of the paid-up capital With the intention of reselling it and authorizing the Board of Directors to take all necessary legal measures and steps in this regard.
The association was also expected to consider amending the articles of the articles of association of the company, in addition to reviewing and approving the auditor's report for the past year and its budget and the profit and loss account for 2019.
Last year, Union Properties recorded a loss of 218.8 million dirhams, compared to a profit of 62.3 million dirhams in 2018.
The capital of the company is 4.28 billion dirhams, divided into 4.28 billion shares, with a nominal value of one dirham per share.