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Union Properties to discuss using reserve to cut accumulated losses

Union Properties to discuss using reserve to cut accumulated losses
The shareholders will renew the approval to purchase its shares
UPP
UPP
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Dubai – Mubasher: The shareholders of Union Properties will vote on using an amount not exceeding AED 332.88 million of the company's statutory reserve to offset accumulated losses.

During the ordinary general meeting (OGM), set to be held on 30 May, the company's shareholders will renew the approval, made during the OGM held on 18 April, to purchase its shares at a rate that does not exceed 10% of the paid-up capital to resell them, according to a press release on Sunday.

It is noteworthy to mention that in March, the company announced accumulated losses of AED 2.142 billion by the end of the fiscal year (FY) 2019, representing 49.93% of the company's capital.