UPP
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