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No shows for Aldar at AGM

Aldar properties is forced to reschedule its AGM after not enough shareholders turn up

Abu Dhabi-based Aldar Properties was forced to postpone its first annual general meeting, because not enough shareholders turned up.

The developer had hoped to seek shareholder approval for its accounts, and a planned dividend payment — but not enough investors were in attendance to form a quorum.

Spokesman Ousama Ghannoum, said: “Around 50% of the people we needed attended the event, which has now been postponed until 18 March.”

An extraordinary meeting to seek shareholder approval for a 15% increase in capital, was also postponed.

Aldar was established under an Emiri decree in 2004 and is the company behind some of Abu Dhabi’s largest developments, including the Central Market, the Al Raha Beach development and the Al Mudheef urban regeneration scheme.

The AGM has been rescheduled for today (18 March).

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