Dubai – Mubasher: Union Properties (UPP) on Sunday announced that its general assembly has approved purchasing only 10% of the company’s paid-up share capital, according to a filing to the Dubai Financial Market (DFM).

UPP will re-sell those shares and authorise the board to take the necessary legal measures in this regard, getting the approval of the concerned parties, and implement the general assembly resolution during the period approved by the Securities and Commodities Authority (SCA) to execute the purchase transaction.

“[The company will reduce its capital] in the event of expiration of the deadline set by the SCA for the sale of shares purchased through the cancellation of those shares with the amendment of the company’s capital in the articles of association,” the statement highlighted.

It is worth mentioning that the UAE-based real estate developer posted AED 62.3 million in profits for the full-year 2018, against losses worth AED 2.73 billion in 2017.