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UP’s OGM approves 8% bonus shares

UP’s OGM approves 8% bonus shares
(Photo credit: Mubasher’s Photo archive)
UPP
UPP
-1.21% 0.41 -0.01

By: Amr Adel

Dubai – Mubasher: The ordinary general meeting (OGM) of Union Properties (UP) on Wednesday approved distributing bonus shares, representing 8% of the company’s capital at an 8-for-100 ratio.

It also approved distributing in-kind dividends, after being postponed for a week, due to an incomplete quorum.

The company's capital increased after the distribution to AED 4.289 billion from AED 3.97 billion, distributed over 4.289 billion shares at a par value of AED 1 per share.

UP previously reported a 51.4% decline in net profits to AED 211.42 million in 2016, compared to AED  434.6million in 2015.

Translated by: Mohamed Nabil