Emmar announcement on bounced cheques
Shareholders who purchased stock in Emaar Properties with cheques that later bounced have been told to pay up. According to Gulf News, Emaar in September this year closed its 1:1 rights issue of 100 million shares that raised its share capital by 165 per cent to Dh2.65 billion ($722 million).
"Emaar hereby wishes to notify its esteemed shareholders whose cheques for the second installment of the rights issue have returned without payment, that they should deliver the amount of those returned cheques via bank drafts to Union National Bank within ten days," the company said in a statement.
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