Union Properties climbed the most in nine months after reaching a debt agreement with banks, leading gains among property developers on local markets.
The Dubai-based developer rose 12.2 per cent to 26.5 fils each, at one point reaching the highest intraday gain for the shares since April.
Union Properties said it had agreed to settle Dh1.1bn owed to its largest shareholder, Emirates NBD, in exchange for a transfer of a significant stake in Index Tower and Limestone House, two of the company's highest profile real estate assets.
No comments:
Post a Comment