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Sun 31 Jan 2010 12:22 PM

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Union Properties reschedules $1.5bn debt - paper

Chairman denies merger plans with Deyaar, says acquisition could be option.

Dubai's Union Properties agreed with creditors to reschedule AED5.5 billion ($1.5 billion) in debt, its chairman told an Arabic daily on Sunday.

The third-largest developer by market value in the Gulf emirate has been hit hard by the financial downturn heightening concerns over its debt position.

In an interview with al-Ittihad, Kahlid bin Kalban denied any talks of merger between Union Properties and Deyaar, but added an acquisition could be a solution if liquidity is available for either company.

Kalban told Reuters on Wednesday he expected the firm's fourth-quarter operating profit to be about AED200 million before taking provisions and full-year about AED450 million. (Reuters)

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