Union Coop, the UAE’s largest consumer cooperative, has revealed that it is taking legal action over unfounded rumours circulating across social media.
Khalid Humaid Bin Diban Al Falasi, CEO of Union Coop, said the rumours are being promoted through private WhatsApp groups and are "intended to damage Union Coop and shareholders”.
Without giving details about the rumours, he said the company has "begun to prosecute", adding that he urged shareholders to ignore them.
He said in a statement: “Union Coop is reassuring and pretty confident that what is going on behind closed doors, is aimed at harming the shareholders, is nothing but a whirlwind in a cup that will disappear soon enough. Additionally, Union Coop has begun to prosecute brokers, rumour makers and WhatsApp private groups.”
His comments came as Union Coop announced its financial results for 2018 with total revenue of AED 2.8 billion, sales of AED2.3 billion, and a net profit of AED466.3 million which Al Falasi described as "tremendous".
“Despite the challenges faced by the retail trade sector, Union Coop has maintained its dominant position in the market by adhering and complying with best international standards and adapting them to suit the local culture of our country in general and the emirate of Dubai in particular," he added.
He said Union Coop is witnessing a major expansion, with several projects under construction or in the planning stage.For all the latest retail 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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