News Column

Union Properties to consider increase in foreign ownership

May 2, 2014

Staff Report

Dubai: An extraordinary general meeting of Union Properties shareholders may consider making an application to increase the allowed proportion of foreign ownership to 25 per cent of shares, from its current cap of 15 per cent.

The proposal, requested by 10 per cent of shareholders, will been added to the agenda of the company's EGM on Monday May 5 if the Securities and Commodities Authority approves.

The company is currently 14.51 per cent foreign-owned, with the majority of foreign shareholders being GCC nationals or other Arabs.

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Source: Gulf News (United Arab Emirates)

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