RAK Properties PJSC, the most prominent real estate company in Ras Al Khaimah, has postponed their Annual General Meeting (AGM), originally scheduled for March 20, 2008 to Saturday, March 29, 2008 at 11:00 a.m. at Hilton Ras Al Khaimah Hotel. The postponement was due to lack of quorum.
The AGM will discuss the proposal for distribution of 7.5 percent dividend for the financial year 2007. The company had earlier announced the closing of its second financial year ended December 31, 2007 at a net profit of AED 496 million. The profit, earned during the second year of operation, represents 24.81 % of the company’s capital and corresponds to earnings per share (EPS) of 25 fils.
Note to editors:
RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company that operates in a sector that is enjoying an economic boom. It is established to implement the emirate's plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. In February 2006, the company launched its first project, Julfar Towers, a 43-storey twin office and residential project at a cost of AED500 million. This was followed by the launch of the AED10 billion Mina Al Arab, spread over 30 million sq. feet, in May 2006. RAK Properties launched its AED300 million RAK Towers in Abu Dhabi, in October 2007.
