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Article: Al Fajer Properties Completes Successful Restructuring; Strengthens Balance Sheet by AED3.2 Billion.
- Article from:
- Investment Weekly News
- Article date:
- February 21, 2009
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Al Fajer Properties (AFP) announces the successful completion of its restructuring plan for the company, which commenced in early 2008.
Under the leadership of its newly appointed president, His Highness Sheikh Maktoum bin Hasher Al Maktoum, a rigorous review of the company was conducted, whereby the previous management was disbanded and a new management team and strategy put into place.
The new strategy involved liquidating the companyEs substantial land bank valued at AED 800 million, and generating additional sales from existing inventory of AED 2.4 billion, bringing the total value of mitigated risk down by AED 3.2 billion for the company.
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