By: Amr Adel
Dubai – Mubasher: Union Properties' (UP) shareholders on Sunday approved a dividend distribution representing 7% of paid up capital or 7 shares for every 100 shares.
The in-kind dividends were given the green light during the Dubai-listed firm's second ordinary general meeting (OGM) which had been postponed for a week due to incomplete quorum.
Calculations by Mubasher show that the total value of the dividends amounts to 252 million shares worth AED 252 million.
The approved bonus shares will raise the UP's capital from 3.72 billion shares to 3.97 billion shares, worth AED 1 each.
UP posted a net profit of AED 434.6 million in FY15, a drop of 50% from AED 865 million reported in FY14.
Translated by: Nada Adel Sobhi
