Dubai. Awtad, a real estate company whose shares are listed on the Dubai bourse, said on Thursday it plans to delist itself effective September 30.
The company, which only got publicly listed in late December 2017, according to data on the bourse’s website, did not provide details on why it plans to delist itself. It said, however, that the decision was approved at a general assembly meeting.
Data from the Dubai bourse’s website does not show any trade on the stock for any time period, and it is unclear when or if investors ever traded shares of the firm.
Awtad reported around Dh296,000 in losses in the first half of 2019. According to its latest financial statement, it has Dh241.7 million in assets, as of June 30, 2019.
The company works in buying and selling real estate, leasing and rental properties, and providing brokerage services. It was founded in 2001, and has investments and assets across “prime locations” in the UAE, it says on its website. Its investments span residential, commercial, and industrial properties.
Awtad is majority-owned by Al Soor Investments, which holds a 91.66 per cent stake in the business.