Union Properties shareholders dismisses three board members

Union Properties, the Dubai-based developer that swung to a Dh2.38 billion loss last year, said on Sunday its shareholders dismissed three board members at the annual general assembly, without giving a reason for the action.

Khalid Al Kalban, Ali Al Fardan and Mohammad Al Ketbi were ousted, UPP said in a statement to the Dubai Financial Market, where its shares are traded.

Separately, the developer said it posted a preliminary profit of Dh180 million in the first quarter of 2018, without giving comparative figures for the same period in 2017.

Union Properties, which restructured its board in May, has struggled to maintain profitability amid sliding real estate prices in the UAE. The company has been actively looking to diversify income streams, expand its footprint outside its home market and enter new business lines.

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Union Properties buys 5.7% stake in Egyptian developer Palm Hills

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In December the company said it will sell shares in its facilities management unit through an initial public offering in the second half of 2018. Union Properties will float 100 per cent of ServeU shares by listing the unit on the Dubai bourse and will use the proceeds from the sale to boost its investment portfolio and operations, it said at the time.

It also sold this year its stake in district cooling firm Emicool.

In January the company acquired a 5.7 per cent stake in Egyptian developer Palm Hills Development, without disclosing the value of the acquisition.

Shares of UPP fell 0.95 per cent to Dh0.838 in Dubai.