PHOTO
Shareholders of the Abu Dhabi-based technology company Alpha Data have vetoed a recommendation by the board of directors to acquire 18 units in Addax Tower for AED 41 million ($11 million).
The units are currently occupied by the company under a lease arrangement and are used as office space. The board had proposed purchasing the units to convert the leased premises into owned property, thereby increasing the company’s fixed assets.
(Writing by Brinda Darasha; editing by Seban Scaria)
