Shareholders of Dubai’s Union Properties have voted to dismiss the company’s board chairman and three other board members, according to a disclosure to the Dubai Financial Market (DFM).
The shareholders approved the dismissal of Khalifa Hassan Al Hammadi, who has served as chairman of the developer’s board since July 2020, as well as vice chairman Fathi Ben Grira and members Dahi Yousif Al Mansouri and Jorg Klar, during a recent general assembly.
With the dismissal, three board members are left in post – Darwish Abdulla Al Ketbi, Mohammad Fardan Al Fardan and Abdul Wahab Al Halabi.
The general assembly also voted to not ratify the auditor’s report ending December 31, 2020, or the balance sheet and the profit and loss account of the company for the same period.
UPP disclosed last month that its shareholders would consider dismissing its board after a shareholder request.
The board approved the sale of a 40 percent stake in its Dubai Autodrome for 400 million dirhams ($109 million) in October 2020.
The company announced in August 2021 that it would build three new residential towers in Motor City, with Al Hammadi hinting at more development launches to come.
The following month, the board voted to divest its interest in a Motor City shopping centre for 420 million dirhams, citing portfolio diversification.
In a further disclosure, the company said it is working in coordination with the
Securities & Commodities Authority (SCA) to open the candidacy process for the vacant board seats.
(Writing by Imogen Lillywhite; editing by Cleofe Maceda)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021