Union Properties' OGM rejects reserve use for cutting accumulated losses

The company's accumulated losses amounted to $583mln by the end of fiscal year 2019

  

Dubai – Mubasher: The shareholders of Union Properties disapproved a proposal for the use of the statutory reserve of not exceeding AED 332.9 million to decrease its accumulated losses.

In addition, the ordinary general meeting (OGM) also rejected a proposal for renewing its approval issued in April 2019 to purchase the company's shares at a rate that does not exceed 10% of its paid-up capital to be resold later, according to the company's disclosure to the Dubai Financial Market (DFM) on Sunday.

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

Source: Mubasher

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