Financial difficulties are starting to "mount" at Union Properties, according to a report today from Sana Kapadia, an analyst at EFG-Hermes.
She pointed to the recent resignation of Simon Azzam as chief executive after 23 years of running the company and a letter the company sent to investors saying it was delaying some projects due to "restricted assistance from banks". Ms Kapadia lowered the company's long-term rating today to neutral from buy.
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