Dubai: The developer Union Properties has called a shareholders’ meeting on Wednesday (December 15) to elect a new Chairman and Vice-Chairman after federal investigations placed the previous chairman under a cloud.
If the upcoming meeting does manage to elect a new chairman, it will be the second such change at the top in four years. Recently, federal authorities confirmed they were looking into the developer’s books, and notably in the way it disposed some of its land holdings and which could have favoured some interested parties. The previous chairman was also placed under detention.
In its nine-month financials for 2021, Union Properties saw a sharp erosion in net profits, and actually went into a loss in the July to end September phase. The stock has been under the hammer in recent days.Source: