Dubai-Mubasher: Union Properties’ board of directors recommended the distribution of bonus shares at 7% of paid-in capital (seven shares for every held 100), according to a bourse statement.
Consequently, the company’s total shares will rise from 3.72 billion to 3.97 billion.
The board also agreed, during its meeting on 7 March, to accept a binding offer to buy a 20% stake in Property Investments’ joint venture for AED 98 million.
The shareholders’ meeting will be held on 17 April to discuss the board’s recommendation. However, the meeting will be postponed to 24 April in case of incomplete quorum.
