Dubai: Union Properties (UP) on Wednesday stressed that it had no exposure to ailing investment group Abraaj.
The statement followed a series of inquiries by investors and shareholders after The Abraaj Group announced liquidation earlier this month and after news that its founder was facing criminal charges following a bounced cheque in the UAE.
The Abraaj Group has various investments across many fields and countries, which has prompted many companies to uncover their exposure to the group. Last week, Dubai-listed Air Arabia revealed nearly AED 1.2 billion in exposure to Abraaj and announced appointing a legal representative to protect its investments.
“Union Properties and its subsidiaries do not have any investments with The Abraaj Group or any of its projects or funds, and there is no relationship between the company and The Abraaj Group in this regard,” the company said in a statement to the Dubai Financial Market (DFM).
Earlier this week, analysts told Mubasher that companies who uncover their level of exposure to Abraaj will help restore investor confidence.
By 12:41 pm UAE time, Union Properties’ stock dropped 2.76% to AED 0.67.
All Rights Reserved - Mubasher Info © 2005 - 2018 Provided by SyndiGate Media Inc. (Syndigate.info).