By: Amr Adel
Dubai – Mubasher: Union Properties on Monday announced that it will hold an ordinary general meeting (OGM) on Wednesday 25 May to fill the board’s three vacant seats, said the company’s general manager Ahmed Khalaf Al Marri.
In its last meeting, the BOD appointed Naser Butti Omair as chairman, Al Marri added during a press conference at UP’s headquarters.
Problems commenced within the board on who will take over the role of chairman, following the latest OGM which approved cash distributions to shareholders.
The UAE Securities and Commodities Authority (SCA) affirmed on Sunday that it received a letter in which three UP board members denied their resignation.
Current chairman Khalid Bin Kalban previously denied resigning with the other two members, noting that the dispute is just over electing the chairman.
Last week, UP OGM approved the election of a new board, including Khalid Jassim Mohammed Bin Kalban, Naser Butti Omair Bin Yousef, Ali Fardan Ali AlFardan, Mohamed Abdul Aziz Ali Abdullah Al Owais, Hamad Abdullah Mohammed Abdullah AlMas, Mohammed Saif Darwish Ahmed AlKetbi.
The new board also included Raja Mohammed Ghanim Saeed AlMazrouei, the first female to be included in UP’s board.
GM Al Marri asserted that this dispute has not affected the company’s operations, noting that there will be another meeting on 4 May to implement the new board’s strategy.
The Dubai-listed real estate company is currently working on several projects, including Oya Residences at Dubai MotorCity, with total costs reaching AED 450 million and which will be completed by the end of 2017.
UP has already sold and delivered its retail development project, The Ribbon, according to Al Marri, who further revealed that the first phase of the Green Community expansion project will be delivered in Dubai Investments Park in July this year.
The total value of UP’s current projects is AED 1 billion, while more projects await the board’s approval.
Following the announcements, UP’s stock closed Monday up 3.9% to AED 1.06.
Translated by: Abdel Rahman Mamdouh
