Abu Dhabi's biggest developer - Aldar Properties has seen worst ever decline in its shares following the poor performance shown by the company during the year 2010. The firm reported a loss of Dh12.65bn for last year that did not go down well in the investors and the poor performance refrained them from buying shares in the company.
Aldar Property's endowment structure was considered yesterday at the local markets. Abu Dhabi's leading developer closed 7.05 per cent down at Dh2.11. Aldar has declared an endowment plan on Thursday.
According to a property developer, the board of directors of UAE's Aldar Properties is planning to call a shareholders' meeting soon. They are planning to conduct this meeting to get support for sale of "certain" assets. The main motive behind this assets sale is considered to be offering exchangeable bonds to the investors.
According to the views of the development directors at the Aldar Properties, it has been learned that the company has said that it is actually a nightmare for the company to deal with the utility companies in UAE. At a point of time when the developers are weighing options about power and water requirements for the sustainable development in the country, the problems from the utility companies are a mess to deal with.
Abu Dhabi’s major property developer, Aldar Properties PJSC, plummet the majority in five months subsequent to the resignation of Chief Executive Officer John Bullough.
The Equities dwindled to the extent that by 9.7 percent, the major turn down ever since May 25, and were valued at 6.2 percent inferior at 2.43 dirhams as of 2:21 p. m. in Abu Dhabi. Aldar forced up by 48 percent in the year from side to side yesterday.
The Abu Dhabi-based Aldar Properties PJSC, the second biggest developer by assets of the Middle-East, failed to continue with its growth stories in the fourth quarter reporting a loss of 562 million dirhams.
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