RAK Properties Constitutional General Assembly Meeting to be held tomorrow

The Founders Committee will discuss various issues arising out of the successful Initial Public Offering amongst other operational and corporate governance procedures.

The Founders Committee will present a report on the incorporation and all associated costs, as well as the procedures of the IPO that will detail the activities that went into the successful execution.

Besides clarifying issues related to the listing of RAK Properties shares on the Abu Dhabi Stock Market, there will be various regulatory matters addressed by the Committee at the General Assembly. The names of the First Board Members that will preside over RAK Properties will be announced and the final draft of the by-laws of the company will be approved. Operational matters such as the hiring of Auditors for the company and their fees will be decided and finally, there will be a declaration of the official and final establishment of RAK Properties.

Shareholders are welcome to appoint representatives on their behalf if they are unable to attend the meeting. In such an event, an application form will be provided to shareholders to be completed and submitted to the meeting supervisors at least one hour prior to the event. The Board of Directors will not be able to represent each other and the proxy representation of shares is only allowed up to 5 percent of the company's total capital.

RAK Properties announced its AED 1.1 billion Initial Public Offering (IPO) in March 2005. The initial public offering has proved another hit with regional and global investors seeking UAE exposure, cementing the bullish tone on regional stock markets by attracting subscriptions worth AED62.5 billion.