Confirmed follow-up of legal procedures against members of the previous board of directors of the company
Union Properties aims to return to profitability by reducing costs and restructuring debt
Yesterday, Union Properties announced the results of its annual general assembly held on April 29, 2022. All decisions submitted to the general assembly were approved, including authorizing the company's board of directors to appoint legal and financial experts to follow up legal procedures against members of the company's board of directors who were dismissed during a meeting Previous General Assembly in November 2021.
The General Assembly also approved the appointment of new auditors for 2022.
During the general assembly, the company presented a revised strategic transformation plan, which is based on the strength of the company's portfolio of market-leading real estate assets and its service companies, in order to benefit from the strong momentum witnessed by the real estate markets in Dubai.
The main objective of the company is to return to profitability through cost reduction and debt restructuring, and the company has already succeeded in achieving positive developments in this regard.
The shareholders also agreed to amend some articles of the company's articles of incorporation to comply with the new amendments stipulated in Federal Decree-Law No. (32) of 2021 regarding commercial companies, and affirmed their support for the company's continuity in carrying out its activities.
Board member and managing director of Union Properties, Amer Khansaheb, said in a statement yesterday: "The annual general assembly represents an important step in the company's path to solve the challenges it faces as a result of the actions of the previous management, and to move forward with efforts to revive the company, with shareholders' approval of the recovery plan. The new strategy, and in light of their affirmation of their support for the legal measures taken against the previous administration.
He added: “We are confident that Union Properties has a strong and unique asset portfolio in the Dubai real estate market, and that this is the most appropriate time for the company to take advantage of the strong momentum in the real estate markets in the UAE.
Our strategy focuses on restructuring operations to reduce costs and enhance profitability.”
He explained, “We are currently implementing a number of green initiatives that will improve resource efficiency and reduce waste within our communities.
Our long-term strategy also relies on strengthening our leadership role in sustainable real estate development in the region, in line with the Dubai Urban Plan 2040.”
• The Company's General Assembly approves the strategic transformation plan after its revision, with the aim of benefiting from the strong momentum witnessed by the real estate markets in Dubai.
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