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Union Properties denies merger reports

Developer says it is ‘currently not considering any merger’

Gulf News

Dubai: Union Properties denied on Monday media reports that it may merge with another Dubai-based property company, saying its management is “currently not considering any merger.”

The Dubai-listed developer said that if any such merger were to happen, it would follow disclosure and transparency procedures.

Union Properties did not name the other property developer it was referring to, but Arabic media reports on Sunday said that the company may merge with Deyaar. The reports said a merger is needed in the property sector, which is currently seeing a slowdown in demand and a decline in sales prices.

Deyaar did not issue any statements on the matter.

The reports of a merger also came as Union Properties grapples with its financials, having recorded Dh2.3 billion in losses in 2017. The company is also attempting to tweak its structure, and in late April this year dismissed three senior members of its board of directors, including Khalid Bin Kalban, its former chairman.

Union Properties and Deyaar share prices both ended slightly higher on Monday, rising 0.44 per cent and 0.88 per cent respectively.

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