Shareholders of UAC Property Development Company ( UPDC ) Plc will get a dividend payment of 75 kobo for every share held for the financial year ended December 31, 2008.

Also the company has promised the completion of the FESTAC Hotel before the end of the year.

Lt-General Mohammed Wushishi, (rtd) the Chairman who made this known during the AGM of the company last week in Lagos noted that it is in the interest of the company to make sure that the hotel is ready for the hosting of FIFA under 17 world cup this year.

Lt-General Mohammed Wushishi, (rtd) the Chairman of , who made this kwnon during the AGM of the company last week in Lagos noted that it is in the interest of the company to make sure that the hotel is ready for the hosting of FIFA under 17 World cup this year.

While providing a report on the company's developmental project, Wushishi told shareholders that a management team was re-constituted towards the end of last year to facilitate construction work at the 1004 estates and ensure its completion in the next few months.

According to him, the residential developments at Anchorage Estate, Amuwo Odofin and Hill view Estate, Gaduwa, Abuja , now have residents.

He stressed that closure and hand-over formalities are being made on the Imperial Court project located at Parkview estate Ikoyi, Trenchard Place Ikoyi; and Romay Gardens , Lekki Peninsula, among others. He assured shareholders that the company would continue to maintain its leadership position in the premium segment of the real sector.

Shareholders of the company unanimously approved 75 kobo per share dividend, proposed by its board of directors for the financial year ended December 31, 2008.

This is an increase of 26 kobo over the 49 kobo paid in the same period in 2007.

In the result presented to shareholders a the Annual general Meeting held in Lagos, the company's Turnover rose from N 5.6 billion in 2007 to N 13.3 billon in 2008, while profit Before Tax increased to N 3.7 billion, against N 1.4 billion posted in 2007.

On the business outlook for 2009, the chairman said “the global real estate market is expected to stagnate or suffer a decline in 2009. The US , UK and other developed market are in recession, occasioned by high profile bankruptcies and severe stock market meltdown and mortgages foreclosures, reduced market activities and price falls are widespread.

He continued: “On the domestic front, liquidity squeeze in the banking sector, higher exchange rate, higher interest rate, rising inflation, declining government revenue, falling effective consumer demand, power and other infrastructural deficiencies, are all combining to challenge business continuity and banks are not willing to grant credit and majority of prospective buyers are having difficulty in raising the required finance.”

He, however, assured shareholders that the company would continue to remain focused in terms of good corporate governance, accountability and responsibility

Culled from BusinessWorld of Monday, 18 th May, 2009