Dubai – Mubasher: Union Properties has completed a AED 70 million payment to its largest lender, the company disclosed to the Dubai Financial Market (DFM) on Monday.

This payment is part of a comprehensive debt restructuring plan, set in August to enhance the group's cash-flow and restore its standing with the banking sector.

The Chairman of the board, Khalifa Hassan Al Hammadi, remarked that the debt restructuring plan has cut the company's financing costs by 35% for the three-month period ending September 2020, compared to the corresponding period of the earlier year.

Al Hammadi noted: "Despite challenging market conditions, we are honoring our financial commitments and guaranteeing our ability and willingness to pay the company's debt on time and without any delay."

It is noteworthy to mention that during the third quarter (Q3) of 2020, the company saw net profits of AED 509.2 million, against net losses of AED 81.56 million in the corresponding quarter of 2019.