Dubai real estate fund says irregular trading dented share price - Reuters:
Emirates REIT, a Dubai-based sharia-compliant real estate investment trust, said on Sunday it had found evidence of irregular trading activity that has contributed to its low share price and has reported it to regulatory authorities.
The shares were trading at $0.2 a share on Sunday compared with a net asset value (NAV) per share of $1.57 at the end of 2019. Emirates REIT said its board was in the final stages of evaluating options to increase share liquidity and the trust value.
In an email to shareholders and holders of its sukuk, or Islamic bonds, it said a downturn in the United Arab Emirates’ real estate sector and resulting investor sentiment had contributed to its low share price.
The letter was sent by Sylvain Vieujot, the chief executive officer of Equitativa, the manager of Emirates REIT.
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