Dubai – Mubasher: Union Properties’ ordinary general meeting (OGM) has approved a proposal to increase the foreign shareholding ceiling to 49% from 25%.

The OGM also approved the launch of sukuk at a maximum value of AED 1 billion with no more than 9% yield, which is not convertible to shares and will neither be offered publicly nor be listed, according to a bourse statement released on Sunday.

The UAE-based developers’ shareholders authorised the board to act in full capacity within one year to launch one or more sukuk issues or programmes and to set dates and terms thereof.

In April, Union Properties reported a 324% year-on-year hike in its profits for the first quarter of 2018, registering AED 180 million.