RAK Properties : RAKP Consolidated financial statement Dec 2023 - EN
March 04, 2024 at 08:29 am
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Date: 12 February 2024
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Ref: RAKP-LD-E-0003-120224-05
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MS/ Disclosures & Compliance Dep
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Abu Dhabi Securities Exchange
Subject: Results of RAK Properties
Board of Directors Meeting NO (1/2024)
Dear sir,
With reference to above mentioned subject, please be informed that the Board of Directors decided at its meeting NO (1/2024) held on Monday 12 February 2024, the following:
1. Approved the audited consolidated financial statements for the year ended 31 December 2023.
2. Invitation to the company shareholders to conduct AGM on Wednesday, 20 March 2024 after obtaining the approval of the Securities and Commodity Authority.
3. Recommending to the AGM to distribute a cash dividend of 3% and bonus shares of 4% of the company's capital for the financial year ended December 31, 2023.
4. Recommending to the General Assembly to increase the company's capital through the entry of a strategic partner, after obtaining the approval of the Securities and Commodities Authority.
5. The Board further deliberated in other administration matters.
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RAK Properties PJSC is a United Arab Emirates-based public joint stock company engaged in real estate investment, development and management activities. The Company purchases, develops, sells and manages residential, commercial, touristic and industrial properties in the United Arab Emirates. The Companyâs projects include Mina Al Arab, which consists of villas, townhomes and apartments; Julfar Towers, which consists of residential and commercial complexes in Julfar city; RAK Tower, which is a residential building located near Abu Dhabi, and Julfar Residence, which comprises luxury residential apartments located at the City of Lights on the Al Reem Island in Abu Dhabi. The Companyâs wholly owned subsidiaries include RAK Properties International Limited, RAK Properties Tanzania Limited and Dolphin Marina Limited. The Company also undertakes projects with provisions for retail stores, schools, health spas, as well as other leisure/hospitality centers.