Trading in Dubai's Union Properties halted

Property firm failed to disclose results of board meeting
By Daniel Shane
Sun 15 Sep 2013 10:33 AM

Trading in Dubai real estate firm Union Properties was suspended on Sunday morning after the company failed to disclose the results of a board meeting.

In a statement the Dubai Financial Market said that the decision to halt trading in shares was related to a meeting held on 12 September 2013.

On August 18, shares in Union Properties, in which lender Emirates NBD holds a major stake, surged 11 percent in massive trading volume in what was seen as a fresh sign of growing optimism toward the emirate's real estate.

UP chief executive Khalid Bin Kalban said he was not aware of the transactions but added that there had been huge demand for UP's shares over the last few weeks.

The company reported a 36 percent rise in second-quarter net profit to AED113.3m, because of a saving of AED80m due to liabilities settlements with contractors for some projects. Revenue for the quarter was AED427m against AED557m in the prior-year period.

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