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Update: Shares In Dubai’s Union Properties Surge After Trade Resumes

Update: Shares In Dubai’s Union Properties Surge After Trade Resumes

Trading was briefly halted after the developer failed to disclose the results of a board meeting.

Shares in Dubai’s Union Properties hit their highest level in more than three years on Sunday after trading in the stock resumed following a brief suspension.

Trading was halted because the developer had failed to disclose the results of a board meeting held on Sept. 12, the bourse said. It resumed after the company released a short statement which said the meeting was held to discuss the minutes of a previous meeting and “the regular activities of the company”. It did not elaborate.

Union Properties’ shares are among the most liquid on Dubai’s bourse and were up 6.7 per cent at 0647 GMT, hitting their highest level since January 2010. The stock is up 82 per cent this year, but remains 86 per cent below a 2008 peak.

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