The Board of Directors of Union Real Estate Company intends to discuss the decision to acquire some investment assets worth 740 million dirhams in the UAE, during the meeting scheduled for Tuesday, September 29, 2020 .
According to Arabiya Net, the company said in a disclosure that the board of directors will also discuss the offer to acquire 40% of the capital of its subsidiary Dubai Autodrome, worth 400 million dirhams. / p>
and the company revealed last month that there are 3 subsidiaries that will be offered in the future by selling stakes for the purpose of acquiring companies, explaining that the offering process is estimated between 400 to 600 million dirhams. .
The company indicated in the middle of this year that it is in the final stages of the comprehensive debt restructuring process, as negotiations with the banks that the company deals with during this year have started.
This step will help the company improve its overall financial position.
It is expected that the restructuring agreements will include various types of solutions such as extending payment terms and lowering interest rates. On June 22nd, the Board of Directors of Union Real Estate Company decided to appoint Khalifa Al Hammadi as Chairman of the Board of Directors, and Abdullah Al Rostamani as Acting General Manager.
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