Union Properties approves share buy-back amid restructuring - The National:
Shareholders of Union Properties, the Dubai real estate developer restructuring to narrow losses incurred during the oil-price slump, approved plans to buy-back up to 10 per cent of its shares for the purpose of reselling it, the company said in a bourse filing on Sunday.
The buy-back is intended to help the company shore up its finances as it continues to reorganise its business.
The company’s third-quarter net loss widened to Dh61.8 million, from a Dh44.1m loss recorded in the year-earlier period, as direct costs, administrative and finance charges rose, it said in a bourse filing in November.
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