Union Properties issues 1:10 bonus shares

DUBAI - The annual general meeting of Union Properties held yesterday approved the 1:10 bonus share issue. The company reported Dh87.65 million net profits last year, up by 20 per cent from Dh72.6 in the previous year.

By A Staff Reporter

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Published: Tue 6 Apr 2004, 1:35 PM

Last updated: Thu 2 Apr 2015, 11:34 AM

The company has refrained from issuing a cash dividend this year. "We wanted to retain cash to pump up liquidity for investment purposes," said Simon Azzam, chief executive of Union Properties. With the issue of bonus shares, the capital will go up to 774.26 million against Dh703.38 million as of end last year.

The recent projects including the Green Community is expected to add to its bottomline from this year. The company is optimistic about a far better performance during the current year.

The company recently inaugurated the first phase of the Dubai Autodrome, now forming a major component of the Dubailand project. A decision on when to launch the second phase of Green Community will be taken after the summer.

"We are getting ready with a master plan for the phase II of the project. The project will be based on the market feed back." added

According to the initial estimates, UPP plans to invest in the range of Dh750 million to Dh1 billion in the the second phase of the Green Community Project.

For the current year the company plans to focus on consolidating its existing projects. "This year will see many of our past investments bringing in strong revenue inflows and we expect better returns than

in 2003," he said. Last year, revenues were Dh404.45 million, up from Dh338.63 million. The company also received Dh45 million in government grants.

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