Dubai-developer Union Properties (UPP) will consider dismissing its board members after a request from two groups of shareholders.

The company confirmed in a bourse filing that it had been instructed by the UAE Security & Commodities Authorities (SCA) to consider the dismissal of all board members, following two separate requests from groups of shareholders constituting five percent of capital each.

UPP said the current board would continue to carry out duties until a decision is made at the general assembly on 26th October.

It was announced last month that UPP was exiting its Motor City shopping centre development, and in August the company announced it was to build three residential towers.  

(Reporting by Imogen Lillywhite; editing by Seban Scaria)

Imogen.lillywhite@refinitiv.com

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