Union Properties net at Dh148m

Union Properties reported a net profit of Dh148.4 million last year up by 70 per cent from Dh87.65 million in the previous year.

The Annual General Meeting of the company held yesterday approved the board's proposal to issue 15 per cent bonus. The AGM also approved the doubling of company's capital including the bonus issue and the 1:10 share split.

The doubling of the capital will be done through a rights issue at post -split face value of Dh1 per share with a premium of Dh1per share. The Dh775 million rights issue will double the company's capital to Dh1.5 billion.

The AGM has also approved the proposal to open the company's shares to expatriates up to 15 per cent of the total capital.