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Sorouh Real Estate to announce first-half results soon
- August 27, 2006, 10:47 pm
Sorouh Real Estate yesterday announced it appointed a new auditor and would announce first-half results soon.
Earlier this month, the UAE’s market regulator imposed a Dh100,000 fine on Sorouh for failure to disclose first-half results on time.
A company spokesman said that Sorouh’s first-half results would be announced shortly.
“They will be announced very soon,” he said without giving a time frame.
Sorouh, which is listed on the Abu Dhabi exchange, said earlier that at the top of its agenda for the general assembly was whether to continue its contract with audit firm PricewaterhouseCoopers.
PricewaterhouseCoopers, meanwhile, refused to comment on a rumour that even though it had finalised the first-half results on time, the Sorouh management rejected it.
Deloitte and Touche were appointed the new auditor at the second general assembly of shareholders last evening.
“A majority of shareholders approved the recommendation and welcomed the appointment of Deloitte and Touche as the new external auditor,” said Saeed Al Ghafli, chairman of Sorouh.
“We have been open about our projects and commercial activities to promote them. We have communicated the progr-ess in implementing our projects to our stakeholders. We will continue to do so and I am sure that the appointment of a new auditor will help to enhance the company’s reputation,” Al Ghafli said in a statement.
“Sorouh has accomplished a great deal in the short span of time since its launch last year. The company has succeeded in its initial goal of launching significant projects in the UAE’s capital,” Al Ghafli said.
“Our launch project Shams Abu Dhabi, which consists of the Gate District, the Sky Tower and the Golf Gardens, are our most prestigious projects under way now in Abu Dhabi,” he said.
“The Sky Tower will be the tallest building in the country when completed,” he said.
Last month, the company announced it began construction of the 379-metre Shams Abu Dhabi, which will have 83 storeys.
Sorouh, in co-operation with several real estate development companies in Abu Dhabi, recently established a real estate investment company to participate in projects outside the UAE, Al Ghafli said.
Sorouh was established on June 26, 2005 with a capital of Dh2.5 billion and the objective of developing world-class properties in its home market of Abu Dhabi.
Source - Gulf News
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