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Close up of United Arab Emirates Currency notes. Image used for illustrative purpose.Getty Images
Dubai-listed Union Properties PJSC (UPP) has disclosed that a bank has taken action on one of its land plots in order to settle the debts of subsidiary Thermo LLC, which is undergoing liquidation.
UPP said in a bourse filing to Dubai Financial Market (DFM) that it had in the past guaranteed the debts of the company as its mother company and it is negotiating a settlement agreement with the local bank.
(Reporting by Imogen Lillywhite; editing by Daniel Luiz)
