Dubai – Mubasher: Union Properties has increased the capital of three of its subsidiaries to reach a combined amount of AED 490 million, according to a press release on Wednesday.

The subsidiaries comprise Dubai Autodrome, ServeU, and The FitOut.

This decision came following the company's announcement of its plan to convert a number of its subsidiaries into private joint-stock companies and list their shares on the financial market.

With this conversion, the company seeks to reveal its assets and subsidiaries, namely that these companies operate in vital areas and capable of attracting investments or cash flows whether through listing, acquisition, or sales of shares.

It is noteworthy to mention that in September, the company has received an offer worth AED 400 million for buying a 40% stake in its subsidiary Dubai Autodrome, which includes a number of world-class racing circuits.

Source: Mubasher

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