Dubai’s Union Properties new board of directors will meet on Thursday to discuss company’s future strategy after a new chairman was voted in.
Nasser Butti Umar bin Yousuf and Hamad Abdulla Mohamed Abdulla AlMass were voted by majority as chairman and vice-chairman.
On Sunday, a Securities and Commodities Authority (SCA) said it had received official letters from Khalid Jassim Bin Kalban, former chairman, Ali Fardan Ali AlFardan and Mohamed Saif Darwish Ahmed AlKetbi stating denial of their resignation following which it launched an investigation. The company shares were suspended from trading last Thursday, but resumed trading on Sunday.
The company will hold an extraordinary general meeting on May 25 to elect new board members.
Clarifying the situation on Monday, company General Manager Ahmad Al Merri said the decision to replace the existing chairman was taken at the board of directors meeting that took place after the annual general meeting on April 26.
“During the meeting, a new chairman and vice-chairman were elected and thereafter the three directors announced their verbal resignations,” he disclosed without giving information on what prompted the change in management.
Al Merri said the firm will continue to carry work on existing projects such as Oia Residences and will commence work on three new projects next year in MotorCity.
In an interview with Arabian Business in December 2016, Kalban said he was appointed chairman in 2008 to turnaround the firm that was struggling to survive the onslaught of the world financial crisis.
Shares of Union Properties closed on Monday at AED1.06, up 3.92 percent, on Dubai Financial Market.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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