{"id":53401,"date":"2017-05-02T01:02:31","date_gmt":"2017-05-01T18:02:31","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=53401"},"modified":"2017-05-01T23:16:08","modified_gmt":"2017-05-01T16:16:08","slug":"boardroom-upheaval-at-union-properties","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/boardroom-upheaval-at-union-properties\/","title":{"rendered":"Boardroom upheaval at Union Properties"},"content":{"rendered":"


\nUnion Properties is to host an emergency shareholder meeting later this month to approve the appointment of a new chairman and vice-chairman after an apparent boardroom tussle.The company held its annual general meeting (AGM) last Wednesday evening at which shareholders approved the continuation of its seven-strong board of directors, including its chairman, Khalid bin Kalban.But at a board meeting immediately after the AGM, Union Properties said that Nasser bin Yousef was elected as chairman by a majority vote of the seven-member board, with Hamad Abdulla Al Mass elected as vice-chairman. The company said that three directors, including Mr bin Kalban, Ali Al Fardan and Mohamed Al Ketbi, all resigned from their posts. However, Mr bin Kalban told The National on Monday: “I, and the other two directors, haven’t resigned.”
\nThe company’s shares were suspended on Thursday following a complaint to the Securities and Commodities Authority (SCA) by Mr bin Kalban and the two other directors, stating a denial that they had resigned. There had already been speculation about the company and Mr bin Kalban’s own position. But when asked about this on Saturday, he said: “There are board changes, but I am there. As far as the election and the AGM, everything was OK. There were no issues.”
\nThe market regulator subsequently readmitted the shares for trading on Sunday afternoon. On Monday, the company’s shares increased in value by 4 per cent, closing at Dh1.06 on the DFM.Ahmad Al Marri, the general manager of Union Properties, said at a news conference held on Monday that the decision by the SCA to readmit the shares on to the market meant that the matter is now closed. He said that an extraordinary general meeting (EGM) will be convened on May 25 to vote on replacements for the directors that the company insist have resigned. Speaking to The National after the news conference, Mr Al Marri said: “It means that everything has been done and investigated, and now we are calling for another [shareholders’ meeting].
\n“They have done their investigation, they asked the board of directors to provide them the documentation that says yes, they [the outgoing directors] have resigned.”Mr bin Kalban said on Monday that he was unable to comment further on the matter because it is in the hands of the SCA. Yesterday, the Union Properties website listed Mr bin Yousef as chairman and the previous link to Mr bin Kalban’s profile could no longer be accessed.
\nHe had been appointed chairman of the developer in 2008 by its largest shareholder, the lender Emirates NBD, just before the global credit crunch and guided the company through its own crisis, renegotiating with its creditors over its US$2 billion debt pile. Union Properties declared a pre-tax profit of Dh211.4 million for 2016, which was a 51 per cent decline on the Dh434.6m achieved last year, and revenue was 22 per cent lower at Dh1.13bn. However, this was partly due to a gain on valuation of its property of Dh122m last year, compared with almost Dh670m in 2015.
\nMr Al Marri said the new board would meet management on Thursday to discuss strategy and outline a plan for the next 12 months. This will include bringing forward three potential new projects in Motor City. “One of them, we have the land already. After six months, we will start,” he said.Union Properties is also meant to be pursuing a stake sale in Emicool – a district cooling company that it owns jointly with Dubai Investments, of which the ousted chairman, Mr bin Kalban, is the chief executive and managing director. Both companies are due to sell 15 per cent each of the business in a pre-IPO deal ahead of a flotation due to take place by the end of this year.
\nmfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Boardroom upheaval at Union Properties<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Union Properties is to host an emergency shareholder meeting later this month to approve the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-53401","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-dTj","jetpack-related-posts":[{"id":38396,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/turnaround-king-khalid-bin-kalban\/","url_meta":{"origin":53401,"position":0},"title":"Turnaround king: Khalid bin Kalban","date":"December 17, 2016","format":false,"excerpt":"\r When Khalid bin Kalban was parachuted into the boardroom of Union Properties, he knew the company was facing some serious business issues. Then the 2008 financial crash happened. Eight years later, the chairman is comfortably planning for the future\r \r Source : arabianbusiness.com\r Read more...Turnaround king: Khalid bin Kalban","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":53283,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emicools-ipo-likely-to-take-place-this-year-says-union-properties-chairman\/","url_meta":{"origin":53401,"position":1},"title":"Emicool's IPO likely to take place this year, says Union Properties chairman","date":"April 30, 2017","format":false,"excerpt":"\r The owners of Emicool plan to sell a 30 per cent stake in the district cooling company through an eventual IPO.Joint owners Union Properties and Dubai Investments each plan to sell 15 per cent of district cooling company Emicool by the end of this year, according to the Union\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12526,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-q1-profit-up-50-despite-lower-income\/","url_meta":{"origin":53401,"position":2},"title":"Union Properties Q1 profit up 50% despite lower income","date":"May 10, 2016","format":false,"excerpt":"\r Union Properties reported a 50 per cent year-on-year increase in first quarter profit, despite lower income, the Dubai-listed firm said. Net profit attributable to equity holders in the three months ending March 31 reached Dh42.1 million, up from Dh28.1m in a year-earlier period, the company said in a statement\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11768,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-hires-china-state-to-build-dh450m-motor-city-scheme\/","url_meta":{"origin":53401,"position":3},"title":"Union Properties hires China State to build Dh450m Motor City scheme","date":"May 2, 2016","format":false,"excerpt":"\r Union Properties has appointed China State Construction Engineering's (CSCEC) Middle East arm to build its Dh450 million Oia Residences project in Dubai's Motor City. Union Properties' chairman, Khalid bin Kalban, said yesterday at a ceremony to mark the start of construction that although the project is being launched in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38233,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/infrastructure-work-paves-way-for-dh3bn-mirdif-hills-project\/","url_meta":{"origin":53401,"position":4},"title":"Infrastructure work paves way for Dh3bn Mirdif Hills project","date":"December 16, 2016","format":false,"excerpt":"\r Dubai Investments' decision to push ahead with its delayed Dh3 billion Mirdif Hills project was taken following a series of infrastructure investments made by Dubai Municipality, according to the chief executive Khalid Bin Kalban.The project containing a total of 1,400 apartments in three clusters, a 230-bed hospital, a hotel\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":125084,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uae-industrial-giant-ega-posts-record-profit-growth-of-1140-in-2021\/","url_meta":{"origin":53401,"position":5},"title":"UAE industrial giant EGA posts record profit growth of 1,140% in 2021","date":"February 28, 2022","format":false,"excerpt":"\r CEO Abdulnasser Bin Kalban says strong demand has continued in the first quarter of 2022\r \r Source : arabianbusiness.com\r Read more...UAE industrial giant EGA posts record profit growth of 1,140% in 2021","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/02\/ega-new-1000x750-1.jpg?fit=1000%2C750&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/53401"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=53401"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/53401\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=53401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=53401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=53401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}